Baixe o app para aproveitar ainda mais
Prévia do material em texto
&DStWXOR æ 2QGDV (OHWURPDJQpWLFDV 3ODQDV H 3URSDJDomR GH 2QGDV &ODVVLFDO (OHWURG\QDPLFVñ -ï 'ï -DFNVRQ õëDï (GLomRô 2EMHWLYRV GR &DStWXORã � 3URSULHGDGHV GDV RQGDV HOHWURPDJQpWLFDV SODQDVã WUDQVYHUVDOLGDGH H HVWDGRV GH SRODUL]DomRï � )yUPXODV GH )UHVQHO SDUD D UHIUDomR H UHIOH[mRï � 3URSULHGDGHV GH GLVSHUVmR GH DOWD IUHTXrQFLD HP GLHOpWULFRVñ FRQGXWRUHV H SODVPDVï � 3URSDJDomR GH RQGDV HP PHLRV FRQGXWRUHV RX GLVVLSDWLYRVï � 9HORFLGDGHV GH IDVH H GH JUXSR H DODUJDPHQWR GH XP SDFRWH GXUDQWH D SURSDJDomR QXP PHLR GLVSHUVLYRï � &DXVDOLGDGHã UHODo}HV GH GLVSHUVmR GH .UDPHUVð.URQLJ H UHJUDV GH VRPDï � 6LQDO QXP PHLR GLVSHUVLYRï &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï ì (VWH FDStWXOR p GHGLFDGR DR HVWXGR GDV RQGDV SODQDV HP PHLRV LOLPLWDGRVñ RX WDOYH] VHPLðLQILQLWRVï $V SURSULHGDGHV EiVLFDV GDV RQGDV HOHWURPDJQpWLFDV SODQDV HP PHLRV QmRðFRQGXWRUHV ð VXD QDWXUH]D WUDQVYHUVDOñ HVWDGRV GH SRODUL]DomR OLQHDU H FLUFXODU ð VmR WUDWDGDV LQLFLDOPHQWHï (QWmRñ DV IyUPXODV LPSRUWDQWHV GH )UHVQHO SDUD D UHIOH[mR H UHIUDomR VHUmR GHULYDGDV H DSOLFDGDVï ,VWR p VHJXLGR SRU XPD LQVSHomR GDV SURSULHGDGHV GH GLVSHUVmR GH DOWD IUHTXrQFLD GH GLHOpWULFRVñ FRQGXWRUHV H SODVPDVï $ ULTXH]D GD QDWXUH]D p LOXVWUDGD FRP XPD YLVmR SDQRUkPLFD õ)LJï æïäô GR tQGLFH GH UHIUDomR H FRHILFLHQWH GH DEVRUomR GD iJXD OtTXLGD SDUD IUHTXrQFLDV PDLRUHV TXH ìíëí +] ï $ VHJXLUñ IDUHPRV XPD GLVFXVVmR VLPSOLILFDGD GD SURSDJDomR GH RQGDV QD LRQRVIHUD H HP PHLRV FRQGXWRUHV RX GLVVLSDWLYRVï $ LGpLD GD YHORFLGDGH GH IDVH H GH JUXSR H R DODUJDPHQWR GH XP SXOVR RX SDFRWH GH RQGD HQTXDQWR VH SURSDJD QXP PHLR (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ ë GLVSHUVLYR WDPEpP p GLVFXWLYDï 2 DVVXQWR LPSRUWDQWH GD FDXVDOLGDGH H VXDV FRQVHTXrQFLDV SDUD SURSULHGDGHV GLVSHUVLYDV GH XP PHLR p GLVFXWLGR FRP GHWDOKHVñ LQFOXLQGR D UHODomR GH GLVSHUVmR GH .UDPHUVð.URQLJ H DV YiULDV UHJUDV GH VRPDV GHULYDGDV GHVVD UHODomRï 2 FDStWXOR p FRQFOXtGR FRP R WUDWDPHQWR GR SUREOHPD FOiVVLFR GD FKHJDGD GH XP VLQDO QXP PHLR GLVSHUVLYRñ SULPHLUR GLVFXWLYR SRU 6RPPHUIHOG H %ULOORXLQ õìäìéôñ PDV Vy UHFHQWHPHQWH VXEPHWLGR D XP WHVWH H[SHULPHQWDOï æïì 2QGDV 3ODQDV HP 0HLRV 1mRð&RQGXWRUHV $V FDUDFWHUtVWLFDV EiVLFDV GDV HTXDo}HV GH 0D[ZHOO SDUD R FDPSR HOHWURPDJQpWLFR p D H[LVWrQFLD GH VROXo}HV GH RQGDV YLDMDQWHV TXH UHSUHVHQWDP R WUDQVSRUWH GH HQHUJLDï $V RQGDV HOHWURPDJQpWLFDV PDLV VLPSOHV H PDLV IXQGDPHQWDLV VmR DV RQGDV SODQDV WUDQYHUVDLVï 9DPRV YHU FRPR HVVDV VROXo}HV SRGHP VHU REWLGDV QXP PHLR &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï ê QmRðFRQGXWRU VLPSOHV GHVFULWR SRU SHUPHDELOLGDGH H VXVFHSWLELOLGDGH HVSDFLDOPHQWH FRQVWDQWHVï 1D DXVrQFLD GH IRQWHVñ DV HTXDo}HV GH 0D[ZHOO QXP PHLR LOLPLWDGR VmR é ç ' ã é=>ñ é � ( ò ìF î% îW ã í é ç % ã íñ é � + ã é=F - ò ì F î' îW 3DUD > ã íñ - ã íñ ' ã /(ñ % ã 6+ HQWmRñ DV HTXDo}HV GH 0D[ZHOO WRUQDPðVH é ç ' ã íñ é � ( ò ìF î% îW ã í é ç % ã íñ é � % " 6/F î( îW ã í ýýýýõæïìô RQGH R PHLR p FDUDFWHUL]DGR SHORV SDUkPHWURV 6 H /ñ DGPLWLGRñ SRU XP PRPHQWRñ LQGHSHQGHQWHV GD IUHTXrQFLDï (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ é &RPELQDQGRðVH DV GXDV HTXDo}HV GH URWDFLRQDO H XVDQGR DV HTXDo}HV GH GLYHUJrQFLDV QXODVñ LVWR pñ é � é � ( ò ìF î% îW ã í é � é � ( ò ìF î îW �é � % ã í é � é � ( ò ìF î îW 6/ F î( îW ã í é�é ç ( " éë( ò 6/ Fë îë( îWë ã í "éë( ò 6/ Fë îë( îWë ã í RX ILQDOPHQWH éë( " ì Yë îë( îWë ã í RQGH ì Yë ã 6/ Fë õYDOHQGR D PHVPD IRUPD SDUD %ôñ HQFRQWUDðVH IDFLOPHQWH TXH FDGD FRPSRQHQWH FDUWHVLDQD GH ( H % VDWLVID] D HTXDomR GH RQGD éëX" ì Yë îëX îWë ã í ýýýýõæïëô &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï è RQGH Y ã F 6/ ýýýýõæïêô p XPD FRQVWDQWH GH GLPHQV}HV GH YHORFLGDGH FDUDFWHUtVWLFD GR PHLRï $ HTXDomR GH RQGD õæïëô WHP FRPR VROXo}HV DV EHPðFRQKHFLGDV RQGDV SODQDV X�[ñ W ã HLNç["LFW ýýýýõæïéô RQGH D IUHTXrQFLD H R PyGXOR GR YHWRU GH RQGD N VmR UHODFLRQDGRV SRU N ã FY ã 6/ F F ýýýýõæïèô 6H FRQVLGHUDUPRV D SURSDJDomR GD RQGD HP DSHQDV XPD GLUHomRñ GLJDPRV [ñ D VROXomR IXQGDPHQWDO p X�[ñ W ã $ HLN["LFW ò % H"LN["LFW ýýýýõæïçô 8VDQGR õæïèô LVWR SRGH VHU HVFULWR FRPR XN�[ñ W ã $ HLN�["YW ò % H"LN�[òYW (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ ç 6H Y QmR IRU XPD IXQomR GH N õLVWR pñ XP PHLR QmRðGLVSHUVLYRñ FRP 6/ LQGHSHQGHQWH GD IUHTXrQFLDôñ VDEHPRVñ SHOR WHRUHPD GD LQWHJUDO GH )RXULHU õëïééô H õëïéèô SRGHPRV FRQVWUXLU GH XNñ DWUDYpV GH VXSHUSRVLomR OLQHDUñ XPD VROXomR JHUDO GD IRUPD X�[ñ W ã I�[ " YW ò J�[ ò YW ýýýýõæïæô RQGH I H J VmR IXQo}HV DUELWUiULDVï e IiFLO YHULILFDU GLUHWDPHQWH TXH LVWR p XPD VROXomR GD HTXDomR õæðëôï $ HTXDomR õæïæô UHSUHVHQWD RQGDV FDPLQKDQGR SDUD G GLUHLWD H SDUD D HVTXHUGD FRP YHORFLGDGHV GH SURSDJDomR LJXDO D Yñ TXH p FKDPDGD GH YHORFLGDGH GH IDVH GD RQGDï 0HLR 'LVSHUVLYRï 6H R PHLR IRU GLVSHUVLYRñ LVWR pñ VH R SURGXWR 6/ IRU XPD IXQomR GD IUHTXrQFLDñ DOJXPDV SDUWHV GD GLVFXVVmR DFLPD SUHFLVDP VHU PRGLILFDGDVï )D]HQGRðVH XPD H[SDQVmR QD LQWHJUDO GH )RXULHU HP Fñ DQWHV GH FRPELQDU DV HTXDo}HV õæïìôñ REWpPðVH D HTXDomR GH RQGD GH +HOPKROW] &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï æ éëX ò 6/ F ë Fë X ã í ýýýýõæïåô è 'HPRQVWUDomR GH õæïåôï 6HMDP DV WUDQVIRUPDGDV GH )RXULHU GH ( H % GDGDV SRUã (�[ñ W %�[ñ W ã ì ë= ; (�[ñF %�[ñF H"LFWGF (QWmR GH é � ( ò ìF î% îW ã í REWpPðVH ì ë= ; é � (�[ñF " LF F %�[ñF H "LFWGF ã í R TXH LPSOLFD é � (�[ñF " LFF %�[ñF ã í 'D PHVPD IRUPDñ GH é � % " 6/F î( îW ã íñ LPSOLFD é � %�[ñF ò LF6/F (�[ñF ã í 7RPDQGR R URWDFLRQDO GD HTXDomR SDUD ( õOHPEUDQGR TXH (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ å é ç ( ã íôñ REWpPðVH é � é � (�[ñF " LFF é � %�[ñF ã í RX " éë(�[ñF ò LFF LF6/ F (�[ñF ã í Hñ ILQDOPHQWHñ éë(�[ñF ò 6/ F ë Fë (�[ñF ã í $ PHVPD HTXDomR YDOHQGR SDUD %ñ VHJXLQGR GDt R UHVXOWDGR GHVHMDGRïQ (QWmR N DLQGD p GDGR SRU õæïèôï (QWmR éëX ò NëX ã í ,VWR VLJQLILFD TXHñ SDUD FDGD FRPSRQHQWH GD IUHTXrQFLDñ DV VROXo}HV GH RQGD SODQD VmR õæïéôã X�[ñF ã HLNç["LFW 6RPHQWH TXDQGR UHFRQVWXLUPRV D RQGD FRPR IXQomR GH [ &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï ä H Wñ p TXH D GLVSHUVmR SURGX]LUi PRGLILFDo}HVï $ (Tï õæïæô QmR p PDLV YiOLGDü $ RQGD PXGD GH IRUPD HQTXDQWR VH SURSDJD õYHMD 6HoVï æïåñ æïä H æïììôï $ RQGD SODQD EiVLFD õæïéô H õæïèô VDWLVID] D HTXDomR GH RQGD HVFDODU õæïåôï 0DV GHYHPRV DLQGD FRQVLGHUDU D QDWXUH]D YHWRULDO GRV FDPSRV HOHWURPDJQpWLFRV H D H[LJrQFLD GH VDWLVID]HUHP jV HTXDo}HV GH 0D[ZHOOï &RP D FRQYHQomR GH TXH RV FDPSRV HOpWULFRV H PDJQpWLFRV VmR REWLGRV FRPR D SDUWH UHDO GH TXDQWLGDGHV FRPSOH[DVñ DGPLWLPRV TXH RV FDPSRV GH RQGDV SODQDV VmR GD IRUPDã (�[ñ W ã ((((HLNQç["LFWñ %�[ñ W ã %%%%HLNQç["LFW ýýýýõæïäô RQGH ((((/ %%%% H Q VmR YHWRUHV FRQVWDQWHV QR WHPSR H QR HVSDoRï &DGD FRPSRQHQWH GH ( H % VDWLVID] D HTXDomR GH RQGD õæïåô FRP D FRQGLomR éëX ò 6/ F ë Fë X ã í ® NëQ ç Q ã 6/ F ë Fë 3DUD UHFXSHUDU õæïèôñ LVWR p (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ ìí N ã 6/ FF p QHFHVViULR TXH Q VHMD XP YHWRUñ UHDO RX FRPSOH[Rñ WDO TXH Q ç Q ã ìï 6DWLVIHLWD D HTXDomR GH RQGDñ UHVWD DSHQDV IL[DU D FRQGLomR GDV SURSULHGDGHV YHWRULDLV WDO TXH DV HTXDo}HV GH 0D[ZHOO õæïìô VHMDP YiOLGDVï $V HTXDo}HV GD GLYHUJrQFLD HP õæïìô H[LJHP TXHã é ç ( ã í ® é ç ((((HLNQç["LFW ã í RX é ç ((((HLNQç["LFW ã ! M î î[M (((( M HLNQç["LFW ã ! M (((( M îî[M HLNQç["LFW ã ! M (((( M QM HLNQç["LFW ã í RQGH XVDPRV R IDWR GH (((( M ã FRQVWDQWHï $VVLP ! M (((( M QM ã í ® Q ç (((( ã í &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï ìì 3RUWDQWRñ Q ç (((( ã í H Q ç %%%% ã í ýýýýõæïìíô ,VWR VLJQLILFD TXH ( H % VmR DPERV SHUSHQGLFXODUHV j GLUHomR Q GH SURSDJDomRï 7DO RQGD p FKDPDGD GH RQGD WUDQVYHUVDOï $V HTXDo}HV GR URWDFLRQDO IRUQHFHP XPD UHODomR DGLFLRQDOñ LVWR pñ %%%% ã 6/ Q � (((( ýýýýõæïììô è 'HPRQVWUDomR GH õæïììôï 'D HTXDomR GR URWDFLRQDO é � ( ò ìF î% îW ã í ¶ é � ((((HLNQç["LFW ò ìF î îW %%%%H LNQç["LFW 0DV (OHWURGLQkPLFD &OiVVLFD$ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ ìë é � ((((HLNQç["LFW L ã MN ! /LMN îî[M (((( NHLNQç["LFW ã MN ! /LMN(((( N îî[M HLNQç["LFW ã MN ! /LMN(((( N�LNQM HLNQç["LFW ã LN MN ! /LMN(((( NQM HLNQç["LFW ã LN Q � (((( L HLNQç["LFW /RJRñ é � ( ã LN Q � (((( HLNQç["LFW 0DVñ ì F î îW %%%%H LNQç["LFW ã " LFF %%%%H LNQç["LFW H GDt &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï ìê é � ( ò ìF î% îW ã í ¶ LN Q � (((( HLNQç["LFW " LFF %%%%H LNQç["LFW ã í ¶ LN Q � (((( " LFF %%%% H LNQç["LFW ã í GH RQGH VH REpP LN Q � (((( " LFF %%%% ã í ® %%%% ã NF F Q � (((( 0DV NFF ã 6/ ñ HQWmR %%%% ã 6/ Q � (((( TXH p R UHVXOWDGR GHVHMDGRïQ 6H Q IRU UHDOñ õæïììô LPSOLFD TXH (((( H %%%% WrP D PHVPD IDVHï (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ ìé e ~WLO HQWmR LQWURGX]LU XP FRQMXQWR GH YHWRUHV UHDLV PXWXDPHQWH RUWRJRQDLV �.ìñ.ëñQ FRPR PRVWUDGR QD ILJXUDï (P WHUPRV GHVVHV YHWRUHV XQLWiULRVñ RV FDPSRV (((( H %%%% VmRã [ \ ] HHHH ì HHHH ë Ný N Q ( % (((( ã .ì(íñ %%%% ã .ë 6/ (í ýýýýõæïìëô RX (((( ã .ë(í� ñ %%%% ã ".ì 6/ (í� ýýýýõæïìë�ô RQGH (í H (í � VmR FRQVWDQWHVñ SRVVLYHOPHQWHñ FRPSOH[DVï $ RQGD GHVFULWD SRU õæïäô H õæïìëô RX õæïìë�ô p XPD RQGD WUDQVYHUVDOñ SURSDJDQGRðVH QD ILUHomR Qï HOD UHSUHVHQWD XP IOX[R PpGLR õQR WHPSRô GH HQHUJLD GDGR SHOD SDUWH UHDO GR YHWRU GH 3R\QWLQJ FRPSOH[Rã &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï ìè 6 ã ì ë F é= ( � + ' RQGH + ã %î6ï 2 IOX[R GH HQHUJLD õHQHUJLD SRU XQLGDGH GH iUHD SRU XQLGDGH GH WHPSRô pã 6 ã F å= �((((H LNQç["LFW � %%%% ' 6 H "LNQç[òLFW ã F å= (((( � %%%%' 6 ã F å= �.ì(í � .ë 6/ 6 (í ' ã F å= _(í _ ë�.ì � .ë /6 ã F å= / 6 _(í _ ëQ ýýýýõæïìêô $ GHQVLGDGH GH HQHUJLDñ Xñ SURPHGLDGD QR WHPSRñ FRUUHVSRQGHQWH p õçïìêêôã X ã ì ìç= �( ç ' ' ò % ç +' ã ì ìç= /( ç ( ' ò ì6 % ç % ' R TXH QRV Giã (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ ìç X ã ì ìç= /(((( ç (((( ' ò ì6 %%%% ç %%%% ' ã ì ìç= /_(í _ ë ò ì6 �6/ _(í _ ë ã ì ìç= �/_(í _ ë ò /_(í _ë RXñ ILQDOPHQWHñ X ã / å= _(í _ ë ýýýýõæïìéô $ UD]mR HQWUH DV PDJQLWXGHV õæïìêô H õæïìéôñ LVWR pñ _6_ X ã F å= / 6 _(í _ ë / å= _(í _ ë ã F 6/ PRVWUD TXH D YHORFLGDGH GR IOX[R GH HQHUJLD p Y ã F 6/ FRPR VH HVSHUDYD GH õæïêôï 9HWRU XQLWiULR FRPSOH[Rï 1D GLVFXVVmR TXH VHJXLX D (Tï õæïììô DGPLWLPRV TXH Q HUD XP YHWRU XQLWiULR UHDOï ,VWR QmR Gi D VROXomR PDLV JHUDO SRVVtYHO SDUD XPD RQGD SODQDï 6XSRQKD TXH Q VHMD FRPSOH[R H HVFULWR FRPR &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï ìæ Q ã Q5 ò LQ,ï (QWmRñ D H[SRQHQFLDO HP õæïäôñ FRP LNQ ç [ " LFW ã LN �Q5 ò LQ, ç [ " LFW ã LNQ5 ç [ " Q, ç [ " LFW WRUQDðVH HLNQç["LFW ã H"Q,ç[ HLNQ5ç["LFW $ RQGD SRVVXL XPD H[SRQHQFLDO FUHVFHQWH RX GHFUHVFHQWH HP DOJXPDV GLUHo}HVï (OD p HQWmR GHQRPLQDGD RQGD SODQD LQRPRJrQHDï $V VXSHUItFLHV GH DPSOLWXGH FRQVWDQWH H GH IDVH FRQVWDQWH VmR DLQGD SODQRVñ PDV QmR SDUDOHORVï $V UHODo}HV õæïìíô H õæïììôñ RX VHMDñ Q ç (((( ã íñ Q ç %%%% ã í %%%% ã 6/ Q � (((( DLQGD YDOHPï $ H[LJrQFLD GH TXH Q ç Q ã ìñ SDUD Q FRPSOH[Rñ QmR LPSOLFD _Q_ë ã ì õPyGXOR XQLWiULRôï (OD WrP SDUWHV UHDO H LPDJLQiULDñ LVWR pñ (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ ìå Q ç Q ã ì ¶ �Q5 ò LQ, ç �Q5 ò LQ, ã Q5 ç Q5 " Q, ç Q, ò ëLQ5 ç Q, ã ì /RJRñ Q5 ë " Q,ë ã ì H Q5 ç Q, ã í ýýýýõæïìèô $ VHJXQGD FRQGLomR PRVWUD TXH Q5 H Q, VmR RUWRJRQDLVï 2 HL[RV FRRUGHQDGRV SRGHP VHU RULHQWDGRV WDO TXH Q5 HVWHMD QD GLUHomR [ H Q,ñ QD GLUHomR \ï [ \ ] Q5 Q, Hì Hë Hê $ SULPHLUD HTXDomR SRGH VHPSUH VHU VDWLVIHLWDñ HVFUHYHQGRðVH Q ã Hì FRVK2 ò LHë VHQK2 ýýýýõæïìçô RQGH 2 p XPD FRQVWDQWH UHDO H Hìñ Hëñ Hê VmR YHWRUHV &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï ìä XQLWiULRV QDV GLUHo}HV [ñ\ñ ] UHVSHFWLYDPHQWH õQmR FRQIXQGLU FRP R YHWRUHV .ìñ.ìñQ üôï è 'HPRQVWUDomR GH õæïìçôï &RPR Q5 ë " Q,ë ã ì SRVVR GHILQLU Q5 ã Hì FRVK2 H Q, ã Hë VHQK2 XPD YH] TXH Q5 ë " Q,ë ã FRVKë2 " VHQKë2 q ì SDUD TXDOTXHU 2ï $VVLP Q ã Q5 ò LQ, ã Hì FRVK2 ò L Hë VHQK2 FRPR TXHUtDPRV GHPRQVWUDUïQ 2 YHWRU (((( PDLV JHUDO TXH VDWLVID] Q ç (((( ã í p HQWmR (((( ã LHì VHQK2 " Hë FRVK2 $ ò Hê$� ýýýýõæïìæô RQGH $ H $� VmR FRQVWDQWHV FRPSOH[DVï 3DUD 2 p íñ(((( HP (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ ëí JHUDO WHP FRPSRQHQWHV QDV GLUHo}HV GH Q õQ5 H Q,ôï 3DUD 2 ã íñ p IiFLO YHULILFDU TXH DV VROXo}HV õæïìëô H õæïìë�ô VmR UHFXSHUDGDVï (QFRQWUDPRV H[HPSORV VLPSOHV GH RQGDV SODQDV LQRPRJrQHDV QD GLVFXVVmR GD UHIOH[mR H UHIUDomR WRWDO QXP PHLR FRQGXWRUñ FRPR YHUHPRV PDLV DGLDQWH QHVWH FDStWXORñ HPERUD HP ~OWLPD DQiOLVHñ D QDWXUH]D LQRPRJrQHD VH RULJLQH GH XP YHWRU GH RQGD FRPSOH[Rñ QmR GH XP YHWRU XQLWiULR FRPSOH[R Qï 2QGDV SODQDV LQRPRJrQHDV IRUPDP XPD EDVH JHUDO SDUD R WUDWDPHQWR GH SUREOHPDV GH FRQWRUQR SDUD RQGDV H VmR HSHFLDOPHQWH ~WHLV QD VROXomR GH GLIUDomR HP GXDV GLPHQV}HVï æïë 3RODUL]Do}HV /LQHDU H &LUFXODUñ 3DUkPHWURV GH 6WRNHV $ RQGD SODQD õæïäô H õæïìëô p XPD RQGD FRP VHX YHWRU FDPSR HOpWULFR VHPSUH QD GLUHomR GH .ìï 7DO RQGD p GLWD VHU OLQHDUPHQWH SRODUL]DGD FRP YHWRU GH SRODUL]DomR .ìï &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï ëì (YLGHQWHPHQWHñ D RQGD GHVFULWD SRU õæïìë�ô p OLQHDUPHQWH SRODUL]DGD FRP YHWRU GH SRODUL]DomR .ë H p OLQHDUPHQWH LQGHSHQGHQWH GD SULPHLUDï (QWmR DV GXDV RQGDVñ (ì ã .ì(ì HLNç["LFW (ë ã .ë(ë HLNç["LFW FRP % M ã 6/ N � (M N ñ �M ã ìñë ýýýýõæïìåô SRGHP WDPEpP VHU FRPELQDGDV SDUD GDU D RQGD SODQD KRPRJrQHD PDLV JHUDOñ SURSDJDQGRðVH QD GLUHomR N ã NQï (�[ñ W ã �.ì(ì ò .ë(ë HLNç["LFW ýýýýõæïìäô $V DPSOLWXGHV (ì H (ë VmR Q~PHURV FRPSOH[RV QR VHQWLGR GH SHUPLWLU D SRVVLELOLGDGH GH GLIHUHQoD GH IDVH HQWUH RQGDV GH GLIHUHQWHV SRODUL]DomRï )DVHV ,JXDLVï 6H (ì H (ë WrP D PHVPD IDVHñ õæïìäô UHSUHVHQWD XPD RQGD OLQHDUPHQWH SRODUL]DGDñ FRP YHWRU GH SRODUL]DomR ID]HQGR XP kQJXOR 2 ã DUFWJ�(ëî(ì FRP (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ ëë .ìñ H GH PDJQLWXGH ( ã (ìë ò (ëë ñ FRPR PRVWUDGR QD ILJXUDï &DPSR HOpWULFR GH XPD RQGD OLQHDUPHQWH SRODUL]DGDï T HHHHì HHHHë (ì (ë ( )DVHV 'LIHUHQWHVï 6H (ì H (ë WrP IDVHV GLIHUHQWHVñ D RQGD õæïìäô p HOLSWLFDPHQWH SRODUL]DGDï 3DUD HQWHQGHU R TXH LVWR VLJQLILFDñ YDPRV FRQVLGHUDU R FDVR PDLV VLPSOHVñ SRODUL]DomR FLUFXODUï (QWmRñ (ì H (ë WrP D PHVPD PDJQLWXGHñ PDV GLIHUHP HP IDVH SRU äíRï $ RQGD õæïìäô WRUQDðVH (�[ñ W ã (í�.ì o L.ë HLNç["LFW ýýýýõæïëíô FRP (í D DPSOLWXGH UHDO FRPXP jV GXDV RQGDVï ,PDJLQHPRV TXH RV HL[RV VHMDP HVFROKLGRV WDO TXH D RQGD VH SURSDJXH QR VHQWLGR SRVLWLYR GD GLUHomR ]ñ HQTXDQWR .ì &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï ëê H .ë HVWmR QDV GLUHo}HV [ H \ UHVSHFWLYDPHQWHï (QWmRñ DV FRPSRQHQWHV GR FDPSR HOpWULFR HP TXHVWmRñ REWLGRV WRPDQGRðVH D SDUWH UHDO GH õæïëíôñ LVWR pñ (�[ñ W ã 5H (í�Hì o LHë HL�N]"FW ã 5H (í�Hì o LHë FRV�N] " FW ò L VHQ�N] " FW ã 5H (íHì FRV�N] " FW # (íHë VHQ�N] " FW L (íHì VHQ�N] " FW o (íHë FRV�N] " FW VmR ([�[ñ W ã (í FRV�N] " FW (\�[ñ W ã (í VHQ�N] " FW ýýýýõæïëìô (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ ëé 1XP SRQWR IL[R QR HVSDoR RV FDPSRV õæïëìô VmR WDLV TXH R YHWRU FDPSR HOpWULFR p FRQVWDQWH HP PyGXORñ PDV JLUD HP WRUQR GH XP FtUFXOR FRP IUHTXrQFLD Fñ FRPR PRVWUDGR QD ILJXUD DR ODGRï ( \ [ Z (õ[ñWôý (íýõHHHH ìýò LHHHH ëôýH LNï[ýð LZW 3DUD R VLQDO VXSHULRU GH õæïìäô �.ì ò L.ë ñ D URWDomR p FRQWUiULD DR PRYLPHQWR GRV SRQWHLURV GR UHOyJLR õDQWLðKRUiULDôñ SDUD XP REVHUYDGD ROKDQGR D RQGD TXH VH DSUR[LPDï 2QGD VH DSUR[LPDQGR GH XP REVHUYDGRUñ PRVWUDQGRðVH D SRODUL]DomR j HVTXHUGDï N (P ySWLFDñ HVWD RQGD p FKDPDGD GH RQGD SRODUL]DGD &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï ëè FLUFXODUPHQWH j HVTXHUGDï 1D WHUPLQRORJLD GD ItVLFD PRGHUQDñ SRUpPñ WDO RQGD p GLWD WHU KHOLFLGDGH SRVLWLYDï 7DO GHVFULomR SDUHFH VHU PDLV DSURSULDGDñ SRUTXH WDO RQGD WHP XPD SURMHomR SRVLWLYD GR PRPHQWR DQJXODU QR HL[Rð] õYHU 3UREï æïëìôï 3DUD R VLQDO LQIHULRU �.ì " L.ë ñ D URWDomR GH ( p QD GLUHomR GRV SRQWHLURV GR UHOyJLD õKRUiULDôñ TXDQGR YLVWD SRU XPREVHUYDGRU HP IUHQWH GD RQGD TXH VH DSUR[LPDâ D RQGD p SRODUL]DGD FLUFXODUPHQWH j GLUHLWD õySWLFDôâ HOD WHP KHOLFLGDGH QHJDWLYDï $V GXDV RQGDV FLUFXODUPHQWH SRODUL]DGDV õæïëíô IRUPDP XP FRQMXQWR LJXDOPHQWH DFHLWiYHO GH FDPSRV EiVLFRV SDUD D GHVFULomR GH XP HVWDGR JHUDO GH SRODUL]DomRï ,QWURGX]LPRV RV YHWRUHV RUWRJRQDLV FRPSOH[RVñ .oñ .o ã ì ë �.ì o L.ë ýýýýõæïëëô FRP SURSULHGDGHVã (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ ëç .o' ç .# ã í .o' ç .ê ã í .o' ç .o ã ì ýýýýõæïëêô (QWmRñ D UHSUHVHQWDomR JHUDOñ HTXLYDOHQWH D õæïìäôñ p (�[ñ W ã �(ò.ò ò (" ." HLNç["LFW ýýýýõæïëéô RQGH (ò H (" VmR DPSOLWXGHV FRPSOH[DVï è 'HPRQVWUDomR GH õæïëéôï 'H õæïëëô .o ã ì ë �.ì o L.ë LVRODQGR .ì H .ëñ LVWR pñ .ì ã ì ë �.ò ò ." .ë ã "L ë �.ò " ." H VXEVWLWXLQGR HP õæïìäô &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï ëæ (�[ñ W ã �.ì(ì ò .ë(ë HLNç["LFW ¶ (�[ñ W ã ì ë �.ò ò ." (ì " L ë �.ò " ." (ë HLNç["LFW ¶ (�[ñ W ã ì ë �(ì " L(ë .ò ò ì ë �(ì ò L(ë ." HLNç["LFW RX (�[ñ W ã (ò.ò ò ("." HLNç["LFW RQGH (o ã ì ë �(ì # L(ë FRPR TXHUtDPRVïQ 0DJQLWXGHV GLIHUHQWHV H PHVPD IDVHï 6H (ò H (" WrP PDJQLWXGHV GLIHUHQWHVñ PDV D PHVPD IDVHñ õæïëéô UHSUHVHQWD XPD RQGD HOLSWLFDPHQWH SRODUL]DGDñ FRP RV HL[RV SULQFLSDLV GD HOLSVH QDV GLUHo}HV GH .ì H .ëï (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ ëå &DVR HP TXH (ò H (" WrP PDJQLWXGHV GLIHUHQWHVñ PDV DV IDVHV VmR DV PHVPDVï HHHHë HHHHì $ UD]mR HQWUH RV VHPLðHL[RV PDLRU H PHQRU p (ì (ë ã (ò ò (" (ò " (" ã ì ò U ì " U RQGH (" (ò ã U 'H IDWRñ FRPR (o ã ì ë �(ì # L(ë HQWmR (ì ã ì ë �(ò ò (" ñ (ë ã "L ë �(ò " (" &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï ëä REWHQGRðVH DVVLP R UHVXOWDGR DFLPDï 0DJQLWXGHV H IDVHV GLIHUHQWHVï 6H DV DPSOLWXGHV (ò H (" WrP XPD GLIHUHQoD GH IDVH HQWUH HODVñ (" (ò ã UHL)ñ HQWmR p IiFLO õ"ô PRVWUDU TXH D HOLSVH WUDoDGD SHOR YHWRU ( WHP VHXV HL[RV URGDGRV SRU XP kQJXOR LJXDO D ) ë ï \ [ DDDD ë ( \ [ DDDD ýë % 3DUD U ã oìñ REWpPðVH QRYDPHQWH XPD RQGD OLQHDUPHQWH SRODUL]DGDï 3DUkPHWURV GH 6WRNHVï $ SRODUL]DomR GH XPD RQGD HOHWURPDJQpWLFD p FRQKHFLGD VH HOD SXGHU VHU HVFULWD QD IRUPD õæïìäô RX õæïëéô FRP RV FRHILFLHQWHVñ (ì H (ë RX (ò H ("ñ FRQKHFLGRVï 1D SUiWLFDñ SRUpP RULJLQDðVH R SUREOHPD LQYHUVRï 'DGR TXH D RQGD p GD IRUPD õæïäô (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ êí (�[ñ W ã (((( HLNQç["LFWñ HWF FRPR SRGHPRV GHWHUPLQDUñ GD REVHUYDomR VREUH R IHL[Hñ R HVWDGR GH SRODUL]DomR HP WRGDV DV VXDV SDUWLFXODULGDGHV " 8P PpWRGR ~WLO SDUD LVWR VmR RV TXDWUR SDUkPHWURV GH 6WRNHVñ SURSRVWR SRU *ï *ï 6WRNHV õìåèëôï (VVHV SDUkPHWURV VmR TXDGUiWLFRV QD LQWHQVLGDGH GR FDPSR H SRGHP VHU GHWHUPLQDGRV DWUDYpV GD PHGLGD DSHQDV GD LQWHQVLGDGHñ HP FRQMXQomR FRP XP SRODUL]DGRU OLQHDU H XPD SODFD GH XP TXDUWR GH RQGD RX HTXLYDOHQWHVï 6XDV PHGLGDV GHWHUPLQDP FRPSOHWDPHQWH R HVWDGR GH SRODUL]DomR GD RQGDï 2V SDUkPHWURV GH 6WRNHV SRGHP VHU PRWLYDGRVñ REVHUYDQGRðVH TXHñ SDUD XPD RQGD VH SURSDJDQGR QD GLUHomRð]ñ RV SURGXWRV HVFDODUHVñ .ì ç (ñ .ë ç (ñ .ò ç (ñ ." ç ( ýýýýõæïëèô &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï êì VmR DV DPSOLWXGHV GD UDGLDomR FRP SRODUL]DomR OLQHDU QD GLUHomR [ñ QD GLUHomR \ñ FRP KHOLFLGDGH SRVLWLYD H FRP KHOLFLGDGH QHJDWLYDï 1RWH TXH SDUD SRODUL]DomR FLUFXODUñ R FRQMXJDGR FRPSOH[R GR YHWRU GH SRODUL]DomR DSURSULDGR GHYH VHU XVDGR GH DFRUGR FRP õæïëêôï 2V TXDGUDGRV GHVVDV DPSOLWXGHV GmR D PHGLGD GD LQWHQVLGDGH GH FDGD WLSR GH SRODUL]DomRï ,QIRUPDo}HV GD IDVH WDPEpP VmR QHFHVViULDVâ LVWR SRGH VHU REWLGR GRV SURGXWRV YHWRULDLVï 'DPRV DV GHILQLo}HV GRV SDUkPHWURV GH 6WRNHV FRP UHODomR jV EDVHV GH SRODUL]DomR OLQHDU �.ìñ.ë H FLUFXODU �.òñ." HP WHUPRV GD DPSOLWXGHV SURMHWDGDV õæïëèô H WDPEpP H[SOLFLWDPHQWH HP WHUPRV GDV PDJQLWXGHV H IDVHV UHODWLYDV GDV FRPSRQHQWHVï 3DUD R ~OWLPR SURSyVLWRñ GHILQLPRV FDGD XP GRV FRHILFLHQWHV HVFDODUHV HP õæðìäô H õæïëéô FRPR XP YDORU YH]HV XP IDWRU GH IDVHã (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ êë (ì ã DìHL-ì ñ (ë ã DëHL-ë (ò ã DòHL-ò ñ (" ã D"HL-" ýýýýõæïëçô (P WHUPRV GD EDVH GH SRODUL]DomR OLQHDUñ �.ìñ.ë RV SDUkPHWURV GH 6WRNHV VmRã Ví ã _.ì ç (_ë ò _.ì ç (_ë ã Dìë ò Dëë Vì ã _.ì ç (_ë " _.ì ç (_ë ã Dìë " Dëë Vë ã ë5H �.ì ç ( '�.ë ç ( ã ëDìDë FRV�-ë " -ì Vë ã ë ,P �.ì ç ( '�.ë ç ( ã ëDìDë VHQ�-ë " -ì ýýýýõæïëæô 6H D EDVH GH SRODUL]DomR FLUFXODUñ �.òñ." ñ IRU XVDGDñ DV GHILQLo}HV ILFDPã &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï êê Ví ã _.ò' ç (_ë ò _."' ç (_ë ã Dìë ò Dëë Vì ã ë5H �.ò' ç ( '�."' ç ( ã ëDòD" FRV�-ë " -ì Vë ã ë ,P �.ò' ç ( '�."' ç ( ã ëDòD" VHQ�-ë " -ì Vê ã _.ò' ç (_ë " _."' ç (_ë ã Dìë " Dëë ýýýýõæïëåô $V H[SUHVV}HV õæïëæô H õæïëåô PRVWUDP XPD UHRUJDQL]DomR LQWHUHVVDQWH GRV SDSpLV GRV SDUkPHWURV GH 6WRNHV FRP UHODomR jV GXDV EDVHVï 2 SDUkPHWUR Ví PHGH D LQWHQVLGDGH UHODWLYD GD RQGD HP FDGD FDVRï 2 SDUkPHWUR Vì Gi D SUHSRQGHUkQFLD GD SRODUL]DomR OLQHDU [ VREUH D \ñ HQTXDQWR TXH Vë H Vêñ QD EDVH OLQHDUñ GmR LQIRUPDo}HV GH IDVHï 9HPRV GH õæïëåô TXH Vê WHP D LQWHUSUHWDomR GD GLIHUHQoD QD LQWHQVLGDGH UHODWLYD GD KHOLFLGDGH SRVLWLYD H QHJDWLYDñ HQTXDQWR TXH QHVWD EDVHñ Vì H Vëñ GL]HP UHVSHLWR jV IDVHVï 2V TXDWUR SDUkPHWURV GH 6WRNHV QmR VmR LQGHSHQGHQWHVñ XPD YH] TXH GHSHQGHP (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ êé DSHQDV GH WUrV TXDQWLGDGHV Dìñ Dë H -ë " -ìï (OHV VDWLVID]HP D UHODomR Ví ë ã Vìë ò Vëë ò Vêë ýýýýõæïëäô æïê 5HIOH[mR H 5HIUDomR GH 2QGDV (OHWURPDJQpWLFDV QXPD ,QWHUIDFH 3ODQD HQWUH GRLV 'LHOpWULFRV $ UHIOH[mR H UHIUDomR GD OX] QXPD VXSHUItFLH SODQD HQWUH GRLV PHLRV GH SURSULHGDGH GLHOpWULFDV GLIHUHQWHV VmR IHQ{PHQRV IDPLOLDUHVï 2V YiULRV DVSHFWRV GRV IHQ{PHQRV GLYLGHPðVH HP GXDV FODVVHVï ìô 3URSULHGDGHV &LQHPiWLFDV õDô 2 kQJXOR GH UHIOH[mR p LJXDO DR kQJXOR GH LQFLGrQFLDï õEô /HL GH 6QHOOã VHQ LVHQ U ã Q� Q ñ RQGH L H U VmR RV kQJXORV GH LQFLGrQFLD H UHIUDomRñ HQTXDQWR Q H Q� VmR RV tQGLFHV GH UHIUDomR FRUUHVSRQGHQWHVï ëô 3URSULHGDGHV 'LQkPLFDV &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï êè õDô ,QWHQVLGDGHV GD UDGLDomR UHIOHWLGD H UHIUDWDGDï õEô 0XGDQoDV GH IDVH H SRODUL]DomRï $V SURSULHGDGHV FLQHPiWLFDV VHJXHP LPHGLDWDPHQWH GD QDWXUH]D GD RQGXODWyULD GR IHQ{PHQR H GR IDWR GH TXH H[LVWHP FRQGLo}HV GH FRQWRUQR D VHUHP VDWLVIHLWDVï 3RU RXWUR ODGRñ DV SURSULHGDGHV GLQkPLFDV GHSHQGHP LQWHLUDPHQWH GD QDWXUH]D HVSHFtILFD GRV FDPSRV HOHWURPDJQpWLFRV H GH VXDV FRQGLo}HV GH FRQWRUQRï 2 VLVWHPD GH FRRUGHQDGDV H RV VtPERORV DSURSULDGRV DR SUREOHPD VmR PRVWUDGRV QD ILJXUD DEDL[Rï L U U� ] [ N N� N�� Q P�ñ H� Pñ H (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ êç 2V PHLRV DEDL[R H DFLPD GR SODQR ] ã í WrP SHUPHDELOLGDGHV H FRQVWDQWHV GLHOpWULFDV 6ñ / H 6�ñ /�ñ UHVSHFWLYDPHQWHï 2V tQGLFHV GH UHIUDomR GHILQLGRV DWUDYpV GH õæïèô FRPR FNF VmRã Q ã 6/ H Q� ã 6�/� 8PD RQGD SODQD FRP YHWRU GH RQGD N H IUHTXrQFLD F LQFLGH QR PHLR 6ñ /ï $V RQGDV UHIUDWDGD H UHIOHWLGD WrP YHWRUHV N� H N��ñ UHVSHFWLYDPHQWHñ H Q p R YHWRU XQLWiULR QRUPDO GLULJLGR GR PHLR 6ñ / SDUD 6�ñ /�ï 3URSULHGDGHV &LQHPiWLFDVï 'H DFRUGR FRP õæïìåôñ (M ã .M(M HLNç["LFWñ % M ã 6/ N � (M N �M ã ìñë DV WUrV RQGDV VmR � ,QFLGHQWHã ( ã (í HLNç["LFWñ % ã 6/ N � (í N ýýýýõæïêíô &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï êæ � 5HIUDWDGDã (� ã (í� HLN�ç["LFWñ %� ã 6/ N� � (í N� ýýýýõæïêìô � 5HIOHWLGDã (�� ã (í�� HLN��ç["LFWñ %�� ã 6/ N�� � (í N�� ýýýýõæïêëô 2V Q~PHUR GH RQGD WrP DV PDJQLWXGHVã _N_ ã _N��_ ã N ã FF 6/ _N�_ ã N� ã FF 6�/� ýýýýõæïêêô $ H[LVWrQFLD GH FRQGLo}HV GH FRQWRUQR HP ] ã íñ TXH GHYHP VHU VDWLVIHLWDV HP WRGRV RV SRQWRV VREUH R SODQR H SDUD WRGRV RV WHPSRVñ LPSOLFD TXH D YDULDomR HVSDFLDO õH WHPSRUDOô GH WRGRV RV FDPSRV GHYH GHYH VHU D PHVPD HP ] ã íï &RQVHTXHQWHPHQWHñ WRGRV RV IDWRUHV GH IDVH VmR LJXDLV HP ] ã íñ LVWR pñ �N ç [ ]ãí ã �N� ç [ ]ãí ã �N�� ç [ ]ãí ýýýýõæïêéô (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ êå LQGHSHQGHQWH GD QDWXUH]D GDV FRQGLo}HV GHFRQWRUQRï 9HPRV LPHGLDWDPHQWH TXH WRGRV RV WUrV YHWRUHV GH RQGD HVWmR QXP SODQRï (QWUHWDQWRñ QD QRWDomR GD )LJï æïèñ N VHQ L ã N� VHQ U ã N�� VHQ U� ýýýýõæïêèô &RPR N�� ã Nñ HQFRQWUDðVH TXH L ã U�â R kQJXOR GH LQFLGrQFLD p LJXDO DR kQJXOR GH UHIOH[mRï $ OHL GH 6QHOO pã N VHQ L ã N� VHQ U ® VHQ LVHQ U ã N� N ã 6�/�6/ ã Q� Q ýýýýõæïêçô 3URSULHGDGHV 'LQkPLFDVï $ SURSULHGDGHV GLQkPLFDV HVWmR FRQWLGDV QDV FRQGLo}HV GH FRQWRUQR ¤ DV FRPSRQHQWHV QRUPDLV GH ' H % VmR FRQWtQXDVâ DV FRPSRQHQWHV WDQJHQFLDLV GH ( H + VmR FRQWtQXDVï (P WHUPRV GRV FDPSRV õæïêíô D õæïêëôñ HVVDV FRQGLo}HV GH FRQWRUQR HP ] ã í VmRã è 1RUPDO õ'ñ % ã FRQWtQXDVô &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï êä ¡/�(í ò (í�� " /�(í� ¢ ç Q ã í �ì ¡N � (í ò N�� � (í�� " N� � (í� ¢ ç Q ã í �ë ýýýýõæïêæDô è 7DQJHQFLDO õ(ñ + ã FRQWtQXDVô �(í ò (í�� " (í� � Q ã í �ê �N � (í ò N�� � (í�� " ì6� �N� � (í � � Q ã í �é ýýýýõæïêæEô $R DSOLFDU HVVDV FRQGLo}HV GH FRQWRUQRñ p FRQYHQLHQWH FRQVLGHUDUPRV GXDV VLWXDo}HV HP VHSDUDGRã QD SULPHLUDñ D RQGD SODQD LQFLGHQWH p OLQHDUPHQWH SRODUL]DGD FRP VHX YHWRU GH SRODUL]DomR SHUSHQGLFXODU DR SODQR GH LQFLGrQFLD õR SODQR GHILQLGR SRU N H Qôâ QD VHJXQGDñ R YHWRU GH SRODUL]DomR p SDUDOHOR DR SODQR GH LQFLGrQFLDï 2 FDVR JHUDO GD SRODUL]DomR HOtSWLFD SRGH VHU REWLGR SRU FRPELQDo}HV OLQHDUHV DSURSULDGDV GRV GRLV UHVXOWDGRVñ VHJXLQGR R PpWRGR GD 6Hoï æïëï (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ éí &DPSR (OpWULFR 3HUSHQGLFXODU DR 3ODQR GH ,QFLGrQFLDï 9DPRV LQLFLDOPHQWH FRQVLGHUDU R FDPSR HOpWULFR SHUSHQGLFXODU DR SODQR GH LQFLGrQFLDñ FRPR PRVWUDGR QD ILJXUD DEDL[Rï 7RGRV RV FDPSRV HOpWULFRV PRVWUDGRV HVWmR HQWUDQGR QR SODQR GH LQFLGrQFLDï (�� L U L ] [ N N� N�� Q P�ñ H� Pñ H % %� %�� ( (� $V RULHQWDo}HV GRV YHWRUHV % VmR HVFROKLGDV SDUD UHVXOWDU QXP IOX[R GH HQHUJLD SRVLWLYR QD GLUHomR GRV YHWRUHV GH RQGDï &RPR RV FDPSRV HOpWULFRV VmR WRGRV SDUDOHOR j VXSHUItFLHñ D SULPHLUD FRQGLomR GH FRQWRUQR HP õæïêæô QmR UHVXOWD HP QDGDï $ êD H éD HTXDo}HV õæïêæEô GmRã &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï éì (í ò (í�� " (í� ã í / 6 �(í " (í �� FRV L " /�6� (í � FRV U ã í ýýýýõæïêåô HQTXDQWR TXH D ëDñ XVDQGR D OHL GH 6QHOOñ GXSOLFD D WHUFHLUDï $PSOLWXGHV 5HODWLYDV SDUD ( µ DR SODQR GH LQFLGrQFLDï $V DPSOLWXGHV UHODWLYDV GDV RQGDV UHIUDWDGDV H UHIOHWLGDV SRGHP VHU HQFRQWUDGDV GH õæïêåôï 'DV HTXDo}HV (í � ã (í ò (í�� / 6 �(í " (í �� FRV L " /�6� (í � FRV U ã í REWpPðVH / 6 (í FRV L " (í �� / 6 FRV L " /� 6� �(í ò (í �� FRV U ã í RX (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ éë / 6 (í FRV L " (í �� / 6 FRV L " /� 6� (í FRV U " /� 6� (í �� FRV U ã í RX DLQGD / 6 FRV L " /� 6� FRV U (í ã / 6 FRV L ò /� 6� FRV U (í �� ORJR (í �� (í ã / 6 FRV L " /� 6� FRV U / 6 FRV L ò /� 6� FRV U ã 6/ 6 FRV L " 6�/� 6� FRV U 6/ 6 FRV L ò 6�/� 6� FRV U 8VDQGR DV UHODo}HV Q ã 6/ H Q� ã 6�/� ñ HQFRQWUDPRV (í �� (í ã Q 6 FRV L " Q� 6� FRV U Q 6 FRV L ò Q� 6� FRV U ã QFRV L " 66� Q� FRV U QFRV L ò 66� Q� FRV U 0DVñ GD OHL GH 6QHOOñ Q VHQ L ã Q� VHQ Uñ HQWmR FRV U ã ì " VHQëU ã ì " Q Q� ë VHQëL &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï éê RX Q� FRV U ã Q�ë " Që VHQëL Hñ SRUWDQWRñ (í �� (í ã QFRV L " 66� Q� ë " Që VHQëL QFRV L ò 66� Q� ë " Që VHQëL 3RU RXWUR ODGRñ (í �� ã (í� " (íñ SRUWDQWRñ (í � " (í (í ã QFRV L " 66� Q� ë " Që VHQëL QFRV L ò 66� Q� ë " Që VHQëL RX �(í � " (í QFRV L ò 6 6� Q� ë " Që VHQëL ã (í QFRV L " 6 6� Q� ë " Q RX (í � QFRV L ò 66� Q� ë " Që VHQëL ã ë(íQFRV L RX DLQGD (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ éé (í � (í ã ëQFRV L QFRV L ò 66� Q� ë " Që VHQëL ( SHUSHQGLFXODU DR SODQR GH LQFLGrQFLDã (í � (í ã ëQFRV L QFRV L ò 66� Q� ë " Që VHQëL (í �� (í ã QFRV L " 66� Q� ë " Që VHQëL QFRV L ò 66� Q� ë " Që VHQëL ýýýýõæïêäô 3DUD IUHTXrQFLDV ySWLFDVñ p XVXDOPHQWH SHUPLWLGR VXEVWLWXLU 6î6� ã ìï $V HTXDo}HV õæïêäô H õæïéìôñ õæïéëô DEDL[Rñ VmR jV YH]HV HPSUHJDGDV QXP FRQWH[WR ySWLFR FRP Q H Q� UHDLVñ PDV WDPEpP VmR YiOLGDV SDUD FRQVWDQWHV GLHOpWULFDV FRPSOH[DVï &DPSR (OpWULFR 3DUDOHOR DR 3ODQR GH ,QFLGrQFLDï 6H R FDPSR HOpWULFR IRU SDUDOHOR DR SODQR GH LQFLGrQFLDñ FRPR &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï éè PRVWUD D ILJXUD DEDL[Rñ DV FRQGLo}HV GH FRQWRUQR HQYROYLGDV VmR ' õQRUPDOôñ ( õWDQJHQFLDOô H + õWDQJHQFLDOô RX HTXDo}HV �ì ñ �ê H �é GH õæïêæôï )LJXUD HVTXHPiWLFD PRVWUDQGR R FDPSR HOpWULFR SDUDOHOR DR SODQR GH LQFLGrQFLDï (�� L U L ] [ N N� N�� Q P�ñ H� Pñ H % %� %�� ( (� $V FRQGLo}HV GH FRQWLQXLGDGH GDV FRPSRQHQWHV WDQJHQFLDLV GH ( H + REULJDP TXH �(í " (í�� FRV L " (í� FRV U ã í �ê / 6 �(í ò (í �� " /�6� (í � ã í �é ýýýýõæïéíô $ �ì GH õæïêæô PDLV D OHL GH 6QHOO GXSOLFDP D VHJXQGD HTXDomR HP õæïéíôï $PSOLWXGHV 5HODWLYDV SDUD ( 5 DR SODQR GH LQFLGrQFLDï $V DPSOLWXGHV UHODWLYDV GRV (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ éç FDPSRV UHIUDWDGRV H UHIOHWLGRV SRGHP VHU REWLGDV GH õæïéíôï 'D SULPHLUD GHVVDV HTXDo}HVñ REWpPðVH (í � ã FRV LFRV U �(í " (í �� TXHñ VXEVWLWXtGD QD VHJXQGDñ HQFRQWUDðVH / 6 �(í ò (í �� " /�6� FRV L FRV U �(í " (í �� ã í RX Q 6 �(í ò (í �� " Q�6� FRV L FRV U �(í " (í �� ã í RXñ UHRUJDQL]DQGR RV WHUPRVñ Q 6 ò Q� 6� FRV L FRV U (í �� ã Q�6� FRV L FRV U " Q 6 (í HQFFRQWUDðVH &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï éæ (í �� (í ã Q� 6� FRV L FRV U " Q 6 Q 6 ò Q� 6� FRV L FRV U ã 6Q� FRV L " 6�QFRV U 6�QFRV U ò 6Q� FRV L ã 6 6� Q� FRV L " QFRV U 6 6� Q� FRV L ò QFRV U 0DV GD OHL GH 6QHOOñ FRV U ã Q� ë " Që VHQëL Q� ñ HQWmR (í �� (í ã 6 6� Q� FRV L " Q Q�ë " Që VHQëL Q� 6 6� Q� FRV L ò Q Q�ë " Që VHQëL Q� RX (í �� (í ã 6 6� Q� ë FRV L " Q Q�ë " Që VHQëL 6 6� Q� ë FRV L ò Q Q�ë " Që VHQëL 'D SULPHLUD HTXDomR HP õæïéíôñ (í �� ã (í FRV L " (í� FRV U FRV L (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ éå GH RQGH VH REWpPñ DSyV DOJXPDV PDQLSXODo}HVñ (í � (í ã ëQQ� FRV L6 6� Q� ë FRV L ò Q Q�ë " Që VHQëL ( SDUDOHOR DR SODQR GH LQFLGrQFLDã (í � (í ã ëQQ� FRV L6 6� Q� ë FRV L ò Q Q�ë " Që VHQëL (í �� (í ã 6 6� Q� ë FRV L " Q Q�ë " Që VHQëL 6 6� Q� ë FRV L ò Q Q�ë " Që VHQëL ýýýýõæïéìô 3DUD LQFLGrQFLD QRUPDO �L ã í WDQWR õæïêäô TXDQWR õæïéìô UHGX]HPðVH Dã &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï éä (í � (í ã ëQQ�6 6� Q� ë ò QQ� ã ëQ6 6� Q� ò Q ¯ ëQ Q� ò Q (í �� (í ã 6 6� Q� ë " QQ� 6 6� Q� ë ò QQ� ã 6 6� Q� " Q 6 6� Q� ò Q ¯ Q� " Q Q� ò Q ýýýýõæïéëô RQGH RV UHVXOWDGRV ¯ YDOHP SDUD 6� ã 6ï 3DUD D RQGD UHIOHWLGD �(í �� ñ D FRQYHQoDR GH VLQDO p DTXHOD SDUD SRODUL]DomR SDUDOHOD DR SODQR GH LQFLGrQFLDï ,VWR VLJQLILFD TXHñ VH Q� â Qñ H[LVWH XPD UHYHUVmR GH IDVH SDUD D RQGD UHIOHWLGDï æïé 3RODUL]DomR SRU 5HIOH[mR H 5HIOH[mR 7RWDO ,QWHUQD 'RLV DVSHFWRV GDV UHODo}HV GLQkPLFDV VREUH D UHIOH[mR H UHIUDomR VmR GLJQRV GH PHQomRï 5HIOH[mR 7RWDOï 2 SULPHLUR p TXHñ SDUD SRODUL]DomR SDUDOHOD DR SODQR GH LQFLGrQFLD �( 5 ñ H[LVWH XP kQJXOR (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ èí GH LQFLGrQFLDñ FKDPDGR GH kQJXOR GH %UHZVWHUñ SDUD R TXDO QmR H[LVWH RQGD UHIOHWLGDï &RPR 6� ã 6 SRU VLPSOLFLGDGHñ HQFRQWUDPRV TXH D DPSOLWXGH GD RQGD UHIOHWLGD HP õæïéìô VH DQXOD TXDQGR R kQJXOR GH LQFLGrQFLD p LJXDO DR kQJXOR GH %UHZVWHUã L% ã DUFWJ Q�Q ýýýýõæïéêô 'H IDWRñ GH õæïéìô SDUD 6� ã 6ñ ID]HQGR (í�� ã íñ LVWR pñ �L ã L% (í �� (í ã Q�ë FRV L% " Q Q�ë " Që VHQëL% Q�ë FRV L% ò Q Q�ë " Që VHQëL% ã í HQFRQWUDðVH Q�ë FRV L% ã Q Q�ë " Që VHQëL% RX Q�ë FRV L% ã Q Q�ë " Që ò Që FRVëL% &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï èì Q�é FRVëL% ã QëQ�ë " Qé ò Qé FRVëL% �Q�é " Qé FRVëL% ã QëQ�ë " Qé ã Që�Q�ë " Që �Q�ë " Që �Q�ë ò Që FRVëL% ã Që�Q�ë " Që FRVëL% ã Q ë Q�ë ò Që ® FRV L% ã Q Q�ë ò Që 0DVñ VHQ L% ã ì " FRVëL% ã ì " Q ë Q�ë ò Që ã Q� ë ò Që " Që Q�ë ò Që RX VHQ L% ã Q� ë Q�ë ò Që ã Q� Q�ë ò Që GH RQGH VH REWpP WJ L% ã VHQ L% FRV L% ã Q� Q�ë ò Që Q Q�ë ò Qëã Q�Q (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ èë RX L% ã DUFWJ Q�Q ï 3DUD YDORUHV WtSLFRV �Q�îQ ã ìñèñ L% S èçRï 3RODUL]DomR 0LVWDï 6H XPD RQGD GH SRODUL]DomR PLVWD LQFLGH VREUH XPD LQWHUIDFH SODQD FRP XP kQJXOR GH %UHZVWHUñ D UDGLDomR UHIOHWLGD p FRPSOHWDPHQWH SRODUL]DGD QR SODQR FRP YHWRU GH SRODUL]DomR SHUSHQGLFXODU DR SODQR GH LQFLGrQFLD �(�� µ ï (VWH SURFHGLPHQWR SRGH VHU XWLOL]DGR SDUD SURGX]LU IHL[HV GH OX] SODQRðSRODUL]DGDñ PDV QmR p WmR HILFLHQWH FRPR RXWURV PHLRV TXH HPSUHJDP DV SURSULHGDGHV DQLVRWUySLFDV GH DOJXQV PHLRV GLHOpWULFRVï 0HVPR VH D RQGD QmR SRODUL]DGD p UHIOHWLGD HP kQJXORV GLIHUHQWHV GR kQJXOR GH %UHZVWHUñ H[LVWH XPD WHQGrQFLD SDUD D RQGD UHIOHWLGD VHU SUHGRPLQDQWHPHQWH SRODUL]DGD QD GLUHomR SHUSHQGLFXODU DR SODQR GH LQFLGrQFLDï 2 VXFHVVR GRV YLGURV HVFXURV TXH WUDQVPLWHP &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï èê VHOHWLYDPHQWH DSHQDV XPD GLUHomR GH SRODUL]DomR GHSHQGH GHVWH IDWRï 1R GRPtQLR GDV UDGLRIUHTXrQFLDVñ DQWHQDV UHFHSWRUDV SRGHP VHU RULHQWDGDV SDUD GLVFULPLQDU UHFHSo}HV GH RQGDV UHIOHWLGDV SRU XPD VXSHUItFLH õH WDPEpP SHOD LRQRVIHUDô IDYRUHFHQGR D UHFHSomR GH RQGDV TXH VHMDP WUDQVPLWLGDV GLUHWDPHQWHï 5HIOH[mR 7RWDO ,QWHUQDï 2 VHJXQGR IHQ{PHQR p FKDPDGR UHIOH[mR WRWDO LQWHUQDï $ SDODYUD LQWHUQD LPSOLFD TXH DV RQGDV LQFLGHQWH H UHIOHWLGD HVWmR QXP PHLR GH tQGLFH GH UHIUDomR PDLRU TXH R GD RQGD UHIUDWDGD �Q â Q� ï 'D OHL GH 6QHOOñ PRVWUDðVH TXHñ VH Q â Q�ñ HQWmR U� â Lï &RQVHTXHQWHPHQWHñ U ã =îë ® L ã Líñ Lí ã DUFVHQ Q�Q ýýýýõæïééô (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ èé 3DUD RQGDV LQFLGHQWHV FRP L ã Líñ D RQGD UHIUDWDGD VH SURSDJD SDUDOHODPHQWH j VXSHUItFLH õYHU ILJXUDôï Uý Sîë Q Lí Q Q� Qý!ýQ� N� ] [ 1mR H[LVWH IOX[R GH HQHUJLD DWUDYpV GD VXSHUItFLHï (QWmRñ QDTXHOH kQJXOR GH LQFLGrQFLD GHYH KDYHU UHIOH[mR WRWDOï 3DUD L â Líï 2 TXH DQFRQWHFH VH L â Lí" 3DUD UHVSRQGHUñ SULPHLUR REVHUYDPRV TXHñ SDUD L â Líñ VHQ U â ìï ,VWR VLJQLILFD TXH U p XP kQJXOR FRPSOH[Rñ FXMR FRVVHQR p SXUDPHQWH LPDJLQiULRï 'H IDWRñ FRPR Q VHQ L ã Q� VHQ U ® VHQ L ã Q�Q VHQ U ã VHQ Lí VHQ U GH RQGH VH REWpP VHQ U ã VHQ L VHQ Lí â ì XPD YH] TXH VHQ L â VHQ Líï (QWmRñ &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï èè FRV U ã ì " VHQëU ã ì " VHQ L VHQ Lí ë RX FRV U ã L VHQ L VHQ Lí ë " ì ýýýýõæïéèô 2 VLJQLILFDGR GHVWDV TXDQWLGDGHV FRPSOH[DV WRUQDPðVH FODUR TXDQGR FRQVLGHUDPRV R IDWRU GH SURSDJDomR GD RQGD UHIUDWDGDñ LVWR pñ HLNç[ ã HLN��[ VHQ Uò]FRV U ã H"N� �VHQ Lî VHQ Lí ë"ì ìîë HLN��VHQ Lî VHQ Lí [ ýýýýõæïéçô SDUD R SODQR GH LQFLGrQFLD [ð]ï ,VWR PRVWUD TXHñ SDUD L â Líñ D RQGD UHIUDWDGD SURSDJDðVH DSHQDV QD GLUHomR SDUDOHOD j VXSHUItFLH H p DWHQXDGD H[SRQHQFLDOPHQWH DOpP GD LQWHUIDFHï $ DWHQXDomR RFRUUH GHQWUR GH SRXFRV FRPSULPHQWRV GH RQGDñ H[FHWR SDUD L S Líï 0HVPR TXH H[LVWD FDPSR GH XP ODGR GD VXSHUItFLHñ QmR H[LVWH IOX[R (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ èç GH HQHUJLD DWUDYpV GD VXSHUItFLHï (QWmRñ D UHIOH[mR LQWHUQD WRWDO RFRUUH SDUD L u Líï $ SHUGD GH IOX[R GH HQHUJLD SRGH VHU YHULILFDGD FDOFXODQGRðVH D FRPSRQHQWH QRUPDOñ SURPHGLDGD QR WHPSRñ GR YHWRU GH 3R\QWLQJ GHQWUR GD VXSHUItFLHã 6 ç Q ã F å= 5H¡Q ç �(� � +� ' ¢ ýýýýõæïéæô &RP +� ã F6�F �N� � (� ñ HQFRQWUDPRV 6 ç Q ã F å= 5H Q ç (� � F 6�F � N� � (�' ã F å=6�F 5H �Q ç N� _(�_ ë ýýýýõæïéåô 0DV Q ç N� ã N� FRV U p LPDJXLQiULR SXURñ WDO TXH 6 ç Q ã íï O /HLD R UHVWDQWH GD VHomRï æïè 'LVSHUVmR GH )UHTXrQFLD &DUDFWHUtVWLFD GH 'LHOpWULFRVñ &RQGXWRUHV H 3ODVPDV 1D 6Hoï æïìñ DGPLWLPRV TXH D SHUPHDELOLGDGH H &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï èæ VXVFHSWLELOLGDGH IRVVHP LQGHSHQGHQWHV GD IUHTXrQFLDï (VWD DXVrQFLD GH GLVSHUVmR WHYH FRPR FRQVHTXrQFL D SURSDJDomR GH XP WUHP GH RQGDV VHP GLVWRUo}HVñ FRPR LPSOLFD D VROXomR JHUDO õæïåôï 1D UHDOLGDGHñ WRGRV RV PHLRV DSUHVHQWDP DOJXPD GLVSHUVmRï $SHQDV VREUH XP LQWHUYDOR OLPLWDGR GH IUHTXrQFLD RX QR YiFXRñ D YHORFLGDGH GH SURSDJDomR SRGH VHU WUDWDGD FRPR LQGHSHQGHQWH GD IUHTXrQFLDï (YLGHQWHPHQWHñ WRGRV RV UHVXOWDGRV GDV VHo}HV DQWHULRUHVñ TXH HQYROYHP XPD ~QLFD IUHTXrQFLDñ VmR YiOLGRV QD SUHVHQoD GH GLVSHUVmRï 2 YDORU GH 6 H / SUHFLVDP DSHQDV VHU LQWHUSUHWDGRV FRPR DTXHOH DSURSULDGR SDUD XPD GHWHUPLQDGD IUHTXrQFLD TXH HVWHMD VHQGR FRQVLGHUDGDï 2QGH RFRUUH XPD VXSHUSRVLomR GH XP LQWHUYDOR GH IUHTXrQFLDVñ SRUpPñ QRYRV HIHLWRV RULJLQDPðVH FRPR UHVXOWDGR GD GHSHQGrQFLD GH 6 H / FRP D IUHTXrQFLDï &RP R REMHWLYR GH H[DPLQDU DOJXPDV GHVVDV FRQVHTXrQFLDVñ SUHFLVDPRV GHVHQYROYHUñ SHOR (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ èå PHQRVñ XP PRGHOR VLPSOHV GH GLVSHUVmRï õDô 0RGHOR VLPSOHV SDUD /�F 4XDVH WRGD D ItVLFD GD GLVSHUVmR p LOXVWUDGD SRU XPD H[WHQVmR DRV FDPSRV GHSHQGHQWHV GR WHPSR GR PRGHOR FOiVVLFR GD 6Hoï éïçï 3RU VLPSOLFLGDGHñ YDPRV DJRUD LJQRUDU D GLIHUHQoD HQWUH FDPSR HOpWULFR DSOLFDGR H FDPSR ORFDOï 2 PRGHORñ SRUWDQWRñ p DSURSULDGR VRPHQWH SDUD VXEVWkQFLDV GH GHQVLGDGH UHODWLYDPHQWH EDL[D >(VWD GHILFLrQFLD SRGH VHU UHPRYLGDñ XVDQGRðVH õéïçäô@ï $ SHUPHDELOLGDGH VHUi WRPDGD LJXDO j XQLGDGH �6 ã ì ï $ HTXDomR GH PRYLPHQWR GH XP HOpWURQ GH FDUJD "H OLJDGR ðð ðHñýP [ ) SRU XPD IRUoD KDUP{QLFD õDRV tRQVôñ õéïæìôñ ) ã "PFíë[ ýýýýõéïæìô &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï èä õFí p D IUHTXrQFLD GH RVFLODomR HP WRUQR GD SRVLomR GH HTXLOtEULRô H VXEPHWLGR D XP FDPSR HOpWULFR (�[ñ W pã P�[ç ò +[ø òFíë[ ã "H(�[ñ W ýýýýõæïéäô RQGH + PHGH D IRUoD GH DWULWR IHQRPHQROyJLFDï (IHLWRV GDV IRUoDV PDJQpWLFDV VmR GHVSUH]DGRV HP õæïéäôï 2XWUD DSUR[LPDomR p TXH D DPSOLWXGH GH RVFLODomR VHMD SHTXHQD R EDVWDQWH SDUD TXH R FDPSR HOpWULFR SRVVD VHU FDOFXODGR QD SRVLomR PpGLD GR HOpWURQï 6H R FDPSR YDULDP KDUPRQLFDPHQWH QR WHPSR FRP D IUHTXrQFLD F FRPR H"LFWñ D FRQWULEXLomR SDUD R PRPHQWR GH GLSRORñ SRU HOpWURQñ pã S ã "H[ ã H ë P �Fí ë " Fë " LF+ "ì( ýýýýõæïèíô è 'HPRQVWUDomR GH õæïèíôï &RPR (�[ñ W ã (�[ H"LFWñ D VROXomR GH õæïéäô p GR WLSR [ ã [íH"LFW 6XEVWLWXLQGR HVWD VROXomR QD HTXDomR õæïéäôñ LVWR pñ (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ çí P�"Fë " LF+ ò Fíë [ ã "H(�[ñ W Hñ GDtñ REWpPðVH [�W ã "HP �Fí ë " Fë " LF+ (�[ñ W &RPR S ã "H[ñ REWpPðVH ILQDOPHQWH S ã H ë P �Fí ë " Fë " LF+ (�[ñ W TXH p R ODGR GLUHLWR GH õæïèíôïQ 9DPRV VXSRU TXH H[LVWDP 1 PROpFXODV SRU XQLGDGH GH YROXPH FRP = HOpWURQV SRU PROpFXOD H TXHñ DR LQYpV GH XPD ~QLFD IUHTXrQFLDñ H[LVWDP IM HOpWURQV SRU PROpFXOD FRP IUHTXrQFLD GH OLJDomR FM H FRQVWDQWH GH DPRUWHFLPHQWR + Mï (VTXHPD GH XPD PROpFXOD FRP = HOpWURQV FRP GLIHUHQWHV FMñ + Mï ���� ���� ���� ���� ���� ���� ���� ���� ���� ���� = HOpWURQV Z MñJM &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï çì (QWmRñ D FRQVWDQWH GLHOpWULFDñ / ã ì ò é=DHñ OHPEUDQGR TXH 3 ã DH(ñ RQGH 3 ã ! M 3M H �Fí ¯ FM 3M ã 1 IM SM ã 1Hë P IM FM ë " Fë " LF+ M "ì ( RX VHMDñ 3 ã ! M 3M ã 1H ë P ! M IM FM ë " Fë " LF+ M "ì ( ã DH( p GDGD SRU /�F ã ì ò é=1H ë P ! M IM FM ë " Fë " LF+ M "ì ýýýýõæïèìô RQGH DV IRUoDV GH RVFLODGRU õRVFLOODWRU VWUHQJKWVô IM VDWLVID]HP D UHJUD GH VRPD (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ çë ! M IM ã = ýýýýõæïèëô &RP D GHILQLomR DGHTXDGD GD PHFkQLFD TXkQWLFD SDUD IMñ + M H FMñ õæïèìô p XPD GHVFULomR DSURSULDGD GD FRQWULEXLomR DW{PLFD j FRQVWDQWH GLHOpWULFDï õEô 'LVSHUVmR $Q{PDOD H $EVRUomR 5HVVRQDQWH $V FRQVWDQWHV GH DPRUWHFLPHQWR + L VmR JHUDOPHQWH SHTXHQDV FRPSDUDGDV FRP DV IUHTXrQFLDV GH OLJDomR RX UHVVRQkQFLD FMï ,VWR VLJQLILFD TXH /�F p DSUR[LPDGDPHQWH UHDO SDUD TXDVH WRGDV DV IUHTXrQFLDVï 2 IDWRU FM ë " Fë "ì p R SRVLWLYR SDUD F ä FM H QHJDWLYR SDUD F â FMñ LVWR pñ ì FM ë " Fë ã â íñ F ä FM ä íñ F â FM (QWmRñ SDUD EDL[DV IUHTXrQFLDVñ DEDL[R GD PHQRU IUHTXrQFLD FMñ WRGRV RV WHUPRV QD VRPD HP õæïèìô &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï çê FRQWULEXHP FRP R PHVPR VLQDO SRVLWLYR H /�F p PDLRU TXH ì �/ â ì ï � PHGLGD TXH VXFHVVLYRV YDORUHV GH FM VH WRUQDP PDLRUHV TXH Fñ PDLV H PDLVWHUPRV QHJDWLYRV RFRUUHP QD VRPDñ DWp ILQDOPHQWH D VRPD WRGD VHU QHJDWLYD H /�F VHUi PHQRU TXH ì õVRPD QHJDWLYD ® / ä ìôï 1D YL]LQKDQoD GH TXDOTXHU FM H[LVWH XP FRPSRUWDPHQWR YLROHQWRï $ SDUWH UHDO GR GHQRPLQDGRU HP õæïèìô VH DQXOD SDUD DTXHOHV WHUPRV HP F ã FM H R WHUPR p JUDQGH H LPDJLQiULR SXURï $V FDUDFWHUtVWLFDV JHUDLV GDV SDUWHV UHDO H LPDJLQiULD GH /�F HP WRUQR GH GXDV IUHTXrQFLDV GH UHVVRQkQFLD VmR PRVWUDGDV QD ILJXUD DEDL[Rï (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ çé 3DUWHV UHDO H LPDJLQiULD GD FRQVWDQWH GLHOpWULFDï 5H H ,P H Z GLVSHUVmR QRUPDO GLVSHUVmR DQ{PDOD $ GLVSHUVmR QRUPDO HVWi DVVRFLDGD FRP R FUHVFLPHQWR GH 5H / FRP Fñ H D GLVSHUVmR DQ{PDODñ FRP R LQYHUVRï $ GLVSHUVmR QRUPDO RFRUUH SDUD TXDOTXHU Fñ H[FHWR QD YL]LQKDQoD GH XPD IUHTXrQFLD GH UHVVRQkQFLDï ( VRPHQWH RQGH RFRUUH XPD GLVSHUVmR DQ{PDOD D SDUWH LPDJLQiULD GH / WHP YDORU DSUHFLiYHOï &RPR D SDUWH LPDJLQiULD GH / SRVLWLYD UHSUHVHQWD XPD GLVVLSDomR GH HQHUJLD GD RQGD HOHWURPDJQpWLFD QR PHLRñ DV UHJL}HV RQGH ,P/ p JUDQGH VmR FKDPDGDV GH UHJL}HV GH DERVUomR UHVVRQDQWHï õ2EVïã 6H ,P/ ä íñ R PHLR WUDQVIHUH HQHUJLD SDUD D RQGDâ RFRUUH DPSOLILFDomRñ FRPR QXP PDVHU RX ODVHUôï &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï çè $ DWHQXDomR GH XPD RQGD SODQD p H[SUHVVD PDLV GLUHWDPHQWH HP WHUPRV GDV SDUWHV UHDO H LPDJLQiULD GR Q~PHUR GH RQGD Nï 6H R Q~PHUR GH RQGD IRU HVFULWR FRPR N ã * ò L ) ë ýýýýõæïèêô HQWmR R SDUkPHWUR ) p FRQKHFLGR FRPR FRQVWDQWH GH DWHQXDomR RX FRHILFLHQWH GH DEVRUomRï $ LQWHQVLGDGH GD RQGD GLPLQXL FRPR _H")]îë _ë ã H")]ï $ HTXDomR õæïèô Gi D FRQH[mR HQWUH �)ñ* H �5H /ñ ,P/ ñ LVWR pñ N ã 6/ FF ýýýýõæïèô RX Në ã 6/ F ë Fë ã / F ë Fë ñ �6 ã ì DVVLP * ò L ) ë ë ã �5H / ò L ,P/ F ë Fë (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ çç *ë " ) ë é ò L)* ã F ë Fë 5H / ò L F ë Fë ,P/ GH RQGH VH REWpP *ë " ) ë é ã F ë Fë 5H / )* ã F ë Fë ,P/ ýýýýõæïèéô 6H ) ää * FRPR RFRUUHñ D PHQRV TXH D DEVRUomR VHMD PXLWR IRUWHñ RX VH 5H / IRU QHJDWLYRñ D FRQVWDQWH GH DWHQXDomR ) SRGH VHU HVFULWD DSUR[LPDGDPHQWH FRPR *ë " ) ë é ã F ë Fë 5H / ® *ë S F ë Fë 5H / RX *ë S )* ,P/ 5H / Hñ ILQDOPHQWHñ ) S ,P/�F 5H /�F * ýýýýõæïèèô &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï çæ RQGH * S FF 5H / ï 2 GHFUpVFLPR IUDFLRQDO QD LQWHQVLGDGH DWUDYpV GR FRPSULPHQWR GH RQGD GLYLGLGR SRU ë= p GDGR HQWmR SHOD UD]mR ,P/î5H /ï õFô &RPSRUWDPHQWR D %DL[DV )UHTXrQFLDVñ &RQGXWLYLGDGH (OpWULFD 1R OLPLWH GH F ¯ íñ H[LVWH XPD GLIHUHQoD TXDOLWDWLYD QD UHVSRVWD GR PHLRñ GHSHQGHQGR VH D PHQRU IUHTXrQFLD IRU ]HUR RX QmRï (QWmRñ SDUD F ã íñ D SRODUL]DELOLGDGH PROHFXODU p GDGD SRU õéïæêôñ FRUUHVSRQGHQGR DR OLPLWH F ¯ í HP õæïèìôï 2V DSHFWRV HOHPHQWDUHV GRV GLHOpWULFRV QR OLPLWH HVWiWLFR IRUDP GLVFXWLGRV QD 6Hoï éïçï 6H DOJXPD IUDomR Ií GRV HOpWURQV SRU PROpFXOD p OLYUH QR VHQWLGR GHñ WHQGR Fí ã íñ D FRQVWDQWH GLHOpWULFD VHMD VLQJXODU SDUD F ã íï 6H D FRQVWULEXLomR GRV HOpWURQV OLYUHV IRU PRVWUDGD VHSDUDGDPHQWHñ õæïèìô WRUQDðVH �FMãí ã í /�F ã /í ò L é=1HëIí PF�+í " LF ýýýýõæïèçô (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ çå RQGH /í p D FRQWULEXLomR GH WRGRV RV RXWURV GLSRORVï 2 FRPSRUWDPHQWR VLQJXODU SRGH VH HQWHQGLGR VH H[DPLQDUPRV D HTXDomR GH 0D[ZHOOð$PSqUH é � + ã é=F - ò ì F î' îW H DGPLWLUPRV TXH R PHLR REHGHFH D OHL GH 2KPñ - ã @(ñ H WHQKD XPD FRQVWDQWH GLHOpWULFD /í ¦QRUPDO§ï &RP D GHSHGHQGrQFLD WHPSRUDO KDUP{QLFDñ D HTXDomR WRUQDðVH é � + ã é=F - ò ì F î' îW ã é=@ F ( " LF/í F ( ã "L FF /í ò L é=@ F ( ýýýýõæïèæô 6Hñ SRU RXWUR ODGRñ QmR WLYpVVHPRV LQVHULGR D OHL GH 2KP H[SOLFLWDPHQWHñ PDV DR LQYpVñ WLYpVVHPRV DWULEXtGR WRGDV DV SURSULHGDGHV GR PHLR j FRQVWDQWH GLHOpWULFDñ LQGHQWLILFDUtDPRV D TXDQWLGDGH HQWUH SDUrQWHVHV GR ODGR GLUHLWR GH õæïèæô FRP /�F ï &RPSDUDQGR FRP õæïèçô &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï çä /í ò L é=@F ã /í ò L é=1HëIí PF�+í " LF @ ã Ií1H ë P�+í " LF ýýýýõæïèåô (VWH p HVVHQFLDOPHQWH R PRGHOR GH 'UXGH õìäííô SDUD D FRQGXWLYLGDGH HOpWULFDñ FRP Ií1 VHQGR R Q~PHUR GH HOpWURQV OLYUHV SRU XQLGDGH GH YROXPH QR PHLRï $ FRQVWDQWH GH DPRUWHFLPHQWR +íîIí SRGH VHU GHWHUPLQDGD HPSLULFDPHQWH GRV GDGRV H[SHULPHQWDLV GD FRQGXWLYLGDGHï 3DUD R FREUHñ 1 ã å � ìíëë iWRPRVîFPêñ H j WHPSHUDWXUD QRUPDOñ D FRQGXWLYLGDGH D EDL[D IUHTXrQFLD p @ S è � ìíìæ îVï ,VWR Gi +íîIí S ê � ìíìê îVï &RQVLGHUDQGR Ií ã ìñ LVWR PRVWUD TXH DWp IUHTXrQFLDV EHP DEDL[R GD UHJLmR GH PLFURRQGDV Z � ìíìì îV DV FRQGXWLYLGDGHV GR PHWDO VmR HVVHQFLDOPHQWH UHDLV õLïHïñ FRUUHQWH HP IDVH FRP R FDPSRô H LQGHSHQGHQWHV GD IUHTXrQFLDï 3DUD IUHTXrQFLDV PDLRUHV õQD UHJLmR GR LQIUDYHUPHOKR H DFLPDô (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ æí D FRQGXWLYLGDGH p FRPSOH[D H YDULD FRP D IUHTXrQFLD QXPD PDQHLUD GHVFULWD TXDOLWDWLYDPHQWH SHOR UHVXOWDGR VLPSOHV õæïèåôï 2 SUREOHPD GD FRQGXWLYLGDGH p UHDOPHQWH XP SUREOHPD GD PHFkQLFD TXkQWLFDñ QR TXDO R SULQFtSLR GD H[FOXVmR GH 3DXOL WHP XP SDSHO LPSRUWDQWHï 2V HOpWURQV OLYUHV VmR QD YHUGDGH HOpWURQV GH YDOrQFLD GRV iWRPRV LVRODGRVñ TXH WRUQDPðVH TXDVHðOLYUHV H PRYHPðVH VHP GLILFXOGDGHV DWUDYpV GD UHGH õGHSHQGHQGR GH VXDV HQHUJLDV HVWDUHP HP FHUWRV LQWHUYDORV RX EDQGDVôñ TXDQGR RV iWRPRV VmR PDQWLGRV MXQWRV SDUD IRUPDUHP RV VyOLGRVï 2V HIHLWRV GH DPRUWHFLPHQWR YrP GDV FROLV}HV HQYROYHQGR WUDQVIHUrQFLD GH PRPHQWR HQWUH RV HOpWURQV H DV YLEUDo}HV GD UHGHñ LPSHUIHLo}HV H LPSXUH]DVï $V FRQVLGHUDo}HV DFLPD PRVWUDP TXH D GLVWLQomR HQWUH GLHOpWULFRV H FRQGXWRUHV p DSHQDV DUWLILFLDOñ SHOR PHQRV ORQJH GH F ã íï 6H R PHLR SRVVXL HOpWURQV OLYUHV HOH p XP FRQGXWRU D EDL[DV IUHTXrQFLDVâ VH QmRñ p LVRODQWHï 0DV &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï æì SDUD IUHTXrQFLDV GLIHUHQWHV GH ]HURñ D FRQWULEXLomR GD FRQGXWLYLGDGH SDUD õæïèìô DSDUHFH PHUDPHQWH FRPR XPD DPSOLWXGH UHVVRQDQWHñ WDO FRPR R UHVWRï $V SURSULHGDGHV GLVSHUVLYDV GR PHLR SRGHP VHU DWULEXtGDV WDQWR j FRQVWDQWH GLHOpWULFD FRPSOH[D TXDQWR j FRQGXWLYLGDGH H j FRQVWDQWH GLHOpWULFD GHSHQGHQWHV GD IUHTXrQFLDï õGô /LPLWH GH $OWD )UHTXrQFLDñ )UHTXrQFLD GH 3ODVPD 3DUD IUHTXrQFLDV EHP DFLPD GD PDLRU IUHTXrQFLD UHVVRQDQWHñ D FRQVWDQWH GLHOpWULFD õæïèìô /�F ã ì ò 1H ë P ! M IM FM ë " Fë " LF+ M â ! M IM ã = WRPD D IRUPD VLPSOHV �F ââ FMñðM /�F ã ì ò é=1H ë P ! M IM "Fë ì " FM ë Fë ò L + M F S ì " é=1H ë PFë ! M IM ã ì " é=1H ë= PFë (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ æë RX /�F S ì " FSë Fë ýýýýõæïèäô RQGH FSë ã é=1=H ë P ýýýýõæïçíô $ IUHTXrQFLD FSñ TXH GHSHQGH DSHQDV GR Q~PHUR WRWDO GH HOpWURQV 1= SRU XQLGDGH GH YROXPH p FKDPDGD GH IUHTXrQFLD GH SODVPD GR PHLRï 2 Q~PHUR GH RQGD p GDGRñ QR OLPLWHñ SRU N ã / FF ã F F ì " FSë Fë ã ìF F ë " FSë RX NF ã Fë " FSë ýýýýõæïçìô �V YH]HVñ õæïçìô p H[SUHVVD FRPR Fë ã FSë ò NëFëñ H p FKDPDGD GH UHODomR GH GLVSHUVmR RX HTXDomR SDUD F ã F�N ï 1R PHLR GLHOpWULFRñ õæïèäô VH DSOLFD DSHQDV SDUD &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï æê Fë ââ FSëï $ FRQVWDQWH GLHOpWULFD p HQWmR SUy[LPD GD XQLGDGHñ HPERUD XP SRXFR PHQRUñ H DXPHQWD FRP D IUHTXrQFLD GD IRUPD FRPR PRVWUDGR QD ILJXUD DQWHULRU SDUD D SDUWH GH IUHTXrQFLDV PDLV DOWDVï O /HLD R UHVWDQWH GHVWD VHomR H D 6Hoï æïç æïæ 2QGDV QXP 0HLR &RQGXWRU RX 'LVVLSDWLYR 9LPRV QD 6Hoï æïè TXH D FRQVWDQWH GLHOpWULFD GH XP PHLR pñ JHUDOPHQWHñ FRPSOH[Dñ VH R PHLR IRU XP LVRODQWH RX FRQGXWRUï 3DUD LVRODQWHVñ D SDUWH LPDJLQpULD GH / SRGH VHU LJQRUDGD SDUD PXLWRV SURSyVLWRVñ PDV SDUD FRQGXWRUHV LVWR QmR SRGH VHU IHLWRï 2 FRPSRUWDPHQWR GDV RQGDV QXP PHLR FRQGXWRU WHP PXLWD LPSRUWkQFLD SUiWLFDñ TXH R FRQVLGHUDPRV VHSDUDGDPHQWH DTXLñ HPERUD R HVVHQFLDO Mi WHQKD VLGR DSUHVHQWDGR QDV 6HoVï æïè õDô H õFôï e FRPXP VHSDUDU D FRQVWDQWH GLHOpWULFD GR PHLR FRQGXWRU HP GXDV SDUWHVã XPD ¦FRQVWDQWH GLHOpWULFD§ UHDOñ /ñ H XPD (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ æé ¦FRQGXWLYLGDGH§ UHDO @ï (VWD VHSDUDomR SRGH VHU YLVWD FRPR XPD PHQHLUD PHUDPHQWH FRQYHQLHQWH GH PRVWUDU H[SOLFLWDPHQWHDV SDUWHV UHDO H LPDJLQiULD GD FRQVWDQWH GLHOpWULFDñ PDV WHP XPD EDVH PXLWR PDLV LQWXLWLYD HP TXH D FRQGXWLYLGDGH DVVLP GHILQLGD p XVXDOPHQWH LQGHSHQGHQWH GD IUHTXrQFLDñ SHOR PHQRV SDUD IUHTXrQFLDV GH PLFURRQGDV H PDLV EDL[DVñ FRPR Mi IRL GLVFXWLGRï 6H RV FDPSRV QRV FRQGXWRUHV YDULDUHP QR HVSDoR H QR WHPSR FRPR HLNç["LFWñ R Q~PHUR GH RQGD p GDGRñ GH DFRUGR FRP õæïèçôñ õæïèæô H õæïèôñ SHOD H[SUHVVmR FRPSOH[Dã Në ã F ë Fë 6/ ýýýýõæïèô /�F ã / ò L é=@F ýýýýõæïèæô Në ã F ë Fë 6/ ì ò L é=@F/ ýýýýõæïçåô 2 SULPHLUR WHUPR FRUUHVSRQGH j FRQWULEXLomR GD FRUUHQWH GH GHVORFDPHQWR H R VHJXQGRñ j FRUUHQWH GH FRQGXomRï &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï æè 7RPDQGR D UDL] TXDGUDGD GH Nñ HVFROKHPRV R UDPR SDUD GDU R UHVXOWDGR IDPLOLDUñ TXDQGR @ ã íï 5DL] 4XDGUDGD GH XP 1~PHUR &RPSOH[Rï 6HMD R Q~PHUR FRPSOH[R ] ã [ ò L\ñ FXMR PyGXOR YDOH _]_ ã [ë ò \ë ï 4XHUHPRV FDOFXODU ] ã Z ã X ò LY (QWmR ] ã [ ò L\ ã Xë " Yë ò ëLXY /RJRñ [ ã Xë " Yë \ ã ëXY õWHP TXH WHU R VJQ�\ ô $VVLPñ Xë ã [ ò Yë ã [ ò \ ë éXë ® éXé " é[Xë " \ë ã í FXMD VROXomR õGD HTXDomR ELTXDGUDGDô p (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ æç Xë ã é[ o ìç[ë ò ìç\ë å ã [ o [ë ò \ë ë ã [ o _]_ë ë RXñ Xë ã [ o _]_ ë ã â í �ò ä í �" GHVFDUWR�X ã UHDO Hñ SRUWDQWRñ X ã o [ ò _]_ ë Y ã \ ëX 9ROWDQGR DR SUREOHPDñ DGPLWHðVH TXH @ñ 6 H / VHMDP UHDLVñ N ã FF 6/ ì ò L é=@ F/ ìîë HQWmR ì ò L é=@F/ ìîë ã X ò LY &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï ææ RQGH ] ã ì ò L é=@F/ ñ _]_ ã ì ò é=@ F/ ë ñHQWmRñ X ã o [ ò _]_ ë ìîë ã o ì ë ì ò é=@F/ ë ò ì ìîë Y ã \ ëX ã é=@ F/ oë ì ë ì ò é=@F/ ë ò ì ìîë ã o ì ë ì ò é=@F/ ë " ì ìîë Hñ ID]HQGR N ã * ò L ) ë ã 6/ FF �X ò LY ñ WRPDQGR R UDPR �ò ñ HQWmRñ * ã 6/ FF X ) ë ã 6/ FF Y RX (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ æå * ) ë ã 6/ FF ì ò é=@F/ ë o ì ë ìîë ýýýýõæïçäô 0DXV &RQGXWRUHVï 3DUD XP PDX FRQGXWRU é=@ F/ ää ì ñ * ã 6/ FF ì ò é=@F/ ë ò ì ë ìîë S 6/ FF H &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï æä ) ë ã 6/ FF ì ò é=@F/ ë " ì ë ìîë S 6/ FF ì ò ì ë é=@ F/ ë òC " ì ë ìîë ã 6/ FF ì ë é=@ F/ ë ë ìîë ã 6/ FF ì ë é=@ F/ ã 6/ ë= F @ HQFRQWUDPRVñ DSUR[LPDGDPHQWHñ N ã * ò L ) ë S 6/ FF ò L ë= F 6 / @ ýýýýõæïæíô FRUUHWR DWp SULPHLUD RUGHP HP �@îF/ ï 1HVWH OLPLWHñ 5HN ââ ,PN H D DWHQXDomR GD RQGD �,PN p LQGHSHQGHQWH GD IUHTXrQFLDñ j SDUWH GD SRVVtYHO YDULDomRñ FRP D IUHTXrQFLDñ GD FRQVWDQWH GLHOpWULFD H FRQGXWLYLGDGHï %RQV &RQGXWRUHVï 3DUD ERQV FRQGXWRUHVñ (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ åí é=@ F/ ââ ì ñ SRU RXWUR ODGRñ * H ) ë VmR DSUR[LPDGDPHQWH * ã 6/ FF ì ò é=@F/ ë ò ì ë ìîë S 6/ FF ë=@ F/ ã ë=F6@ F ) ë S ë=F6@ F H N S �ì ò L ë=F6@ F ýýýýõæïæìô $V RQGDV SURSDJDQGRðVH FRPR HLNç["LFW VmR RQGDV WUDQVYHUVDLV DPRUWHFLGDVï 2V FDPSRV SRGHP VHU HVFULWRV FRPR &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï åì ( ã (í H " ) ë Qç[ HL*Qç["LFW + ã +í H " ) ë Qç[ HL*Qç["LFW ýýýýõæïæëô RQGH Q p XP YHWRU XQLWiULR QD GLUHomR GH Nï $ HTXDomR GD GLYHUJrQFLD SDUD ( PRVWUD TXH é ç ( ã í ® Q ç (í ã íñ HQTXDQWR TXHñ GD OHL GH )DUDGD\ñ REWpPðVH +í ã F6F NQ � (í ã F 6F * ò L ) ë Q � (í ýýúýýý ,VWR PRVWUD TXH + H ( HVWmR IRUD GH IDVH QXP FRQGXWRUï 0yGXOR H )DVH GH Nï 'H N ã * ò L ) ë ã _N_HLC H õæïçäôñ SRGHPRV GHILQLU R PyGXOR H D IDVH GH Nï 6DEHQGR TXH _N_ ã ) ë é ò *ë ñ REWpPðVH (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ åë )ë é ò *ë ã 6/ F ë Fë ì ò é=@F/ ë " ì ë ò 6/ F ë Fë ì ò é=@F/ ë ò ì ë ã 6/ F ë Fë ì ò é=@F/ ë ìîë /RJRñ _N_ ã ) ë é ò *ë ã 6/ FF ì ò é=@ F/ ë ìîé 'D PHVPD IRUPDñ WJC ã ) ë * RX &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï åê WJC ã ) ë* ã ì ò é=@F/ ë " ì ìîë ì ò é=@F/ ë ò ì ìîë ã ì ò é=@F/ ë " ì é=@ F/ 'H PDQHLUD TXHñ WJëC ã ë WJC ì " WJëC ã ë ì ò é=@F/ ë " ì î é=@F/ ì " ì ò é=@F/ ë " ì ë î é=@F/ ë ã ë é=@F/ ì ò é=@ F/ ë " ì é=@ F/ ë " ì ò é=@F/ ë " ì ë ã ë é=@F/ ì ò é=@ F/ ë " ì ë ì ò é=@F/ ë " ë ã é=@F/ (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ åé RX C ã ì ë DUFWJ é=@F/ $VVLPñ SRGHPRV HVFUHYHUã +í ã F6F NQ � (í ã F 6F _N_H LCQ � (í ã F6F 6/ F F ì ò é=@ F/ ë ìîé HLCQ � (í ã /6 ì ò é=@ F/ ë ìîé HLCQ � (í ýýýýõæïæèô $ LQWHUSUHWDomR GH õæïæèô p TXH + DWUDVDðVH QR WHPSR HP UHODomR D ( SRU XP kQJXOR GH IDVH C H WHP DPSOLWXGH UHODWLYD _+í _ _(í _ ã /6 ì ò é=@ F/ ë ýýýýõæïæçô %RQV &RQGXWRUHVï (P ERQV FRQGXWRUHVñ YHPRV TXH R FDPSR PDJQpWLFR p PXLWR JUDQGH FRPSDUDGD DR FDPSR HOpWULFR H HVWi DWUDVDGR HP IDVH SRUñ DSUR[LPDGDPHQWHñ &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï åè éè(ï 'H IDWRñ GD H[SUHVVmR C ã ì ë DUFWJ é=@F/ ñ H FRQVLGHUDQGR é=@F/ ââ ì SDUD ERQV FRQGXWRUHVñ C S ì ë = ë ñ TXH p R UHVXOWDGR GHVHMDGRï 1HVWH FDVRñ D HQHUJLD GR FDPSR p TXDVH TXH LQWHLUDPHQWH GH QDWXUH]D PDJQpWLFDï $V RQGDV GDGDV SRU õæïæëôñ GR WLSR ( ã (í H " ) ë Qç[ HL*Qç["LFWñ PRVWUDP XP DPRUWHFLPHQWR H[SRQHQFLDO FRP D GLVWUkQFLDï ,VWR VLJQLILFD TXH XPD RQGD HOHWURPDJQpWLFD HQWUDQGR QXP FRQGXWRU p DPRUWHFLGD SDUD ìîH GH VXD DPSOLWXGH LQLFLDO QXPD GLVWkQFLD - ã ë) S F ë=6FF ýýýýõæïææô VHQGR D ~OWLPD IRUPDñ XPD DSUR[LPDomR SDUD ERQV FRQGXWRUHVï $ GLVWkQFLD - p FKDPDGD GH SURIXQGLGDGH GH SHQHWUDomR õRX VNLQ GHSWKôï 3DUD R FREUHñ - S íñåè FP SDUD IUHTXrQFLD GH çí +] H - S íñæì � ìí"ê FP SDUD ìíí (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ åç 0+]ï (VWD UiSLGD DWHQXDomR GDV RQGDV VLJQLILFD TXHñ HP FLUFXLWRV GH DOWDV IUHTXrQFLDVñ D FRUUHQWH IOXL VRPHQWH QD VXSHUItFLH GRV FRQGXWRUHVï 8P FRQVHTXrQFLD VLPSOHV p TXH D LQGXWkQFLD GH DOWD IUHTXrQFLD GRV HOHPHQWRV GR FLUFXLWR p XP SRXFR PHQRU GR TXH D LQGXWkQFLD GH EDL[D IUHTXrQFLD GHYLGR j H[SXOVmR GR IOX[R GR LQWHULRU GRV FRQGXWRUHVï O /HLD R UHVWDQWH GHVWD VHomRï æïå 6XSHUSRVLomR GH 2QGDV HP 8PD 'LPHQVmRñ 9HORFLGDGH GH *UXSR 1DV VHo}HV DQWHULRUHVñ HQFRQWUDPRV DV VROXo}HV SDUD DV HTXDo}HV GH 0D[ZHOO H GLVFXWLPRV VXDV SURSULHGDGHVï $SHQDV RQGDV PRQRFURPiWLFDVñ DTXHODV FRP XPD IUHTXrQFLD H Q~PHUR GH RQGD GHILQLGRV IRUDP WUDWDGDVï 1D SUiWLFDñ LVVR QmR H[LVWHï 0HVPR QD PDLV PRQRFURPiWLFD IRQWH GH OX]ñ RX QR WUDVPLVVRU RX UHFHSWRU GH UiGLR EHP VLQWRQL]DGR OLGDPRV FRP XPD IDL[D GH IUHTXrQFLD RX &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï åæ FRPSULPHQWR GH RQGD õHPERUD WDOYH] XPD IDL[D HVWUHLWDôï (VWD IDL[D SRGH VH RULJLQDU GD GXUDomR ILQLWD GH XP SXOVRñ QD IRQWHñ RX GH PXLWDV RXWUDV PDQHLUDVï &RPR DV HTXDo}HV EiVLFDV VmR OLQHDUHVñ LVWRñ HP SULQFtSLRñ p XPD TXHVWmR EiVLFD SDUD WRUQDU DSURSULDGD D VXSHUSRVLomR OLQHDU GDV VROXo}HV FRP GLIHUHQWHV IUHTXrQFLDVï 3RUpPñ HP JHUDOñ H[LVWHP YiULDV QRYDV FDUDFWHUtVWLFDV TXH VH RULJLQDPã ìï 6H R PHLR IRU GLVSHUVLYR õLïHïñ VH D FRQVWDQWH GLHOpWULFD IRU XPD IXQomR GD IUHTXrQFLD GR FDPSRô D YHORFLGDGH GH IDVH QmR p D PHVPD SDUD FDGD FRPSRQHQWH GH IUHTXrQFLD GD RQGDï &RQVHTXHQWHPHQWHñ GLIHUHQWHV FRPSRQHQWHV GD RQGD YLDMDP FRP YHORFLGDGHV GLIHUHQWHV H WHQGHP D PXGDU GH IDVH HP UHODomR D RXWUDï ëï 1XP PHLR GLVSHUVLYRñ D YHORFLGDGH GR IOX[R GH HQHUJLD SRGH GLIHULU PXLWR GD YHORFLGDGH GH IDVHñ RX (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ åå PHVPR SHUGHU R VLJQLILFDGR SUHFLVRï êï 1XP PHLR GLVVLSDWLYRñ XP SXOVR GH UDGLDomR VHUi DWHQXDGR HQTXDQWR VH GHVORFD FRP RX VHP GLVWRUomRñ GHSHQGHQGR VH RV HIHLWRV GLVVLSDWLYRV IRUHP RX QmR IXQo}HV VHQVLWLYDV GD IUHTXrQFLDï 2 HVVHQFLDO GHVVHV HIHLWRV GLVSHUVLYR H GLVVLSDWLYR HVWmR LPStFLWRV QDV LGpLDV GDV LQWHJUDLV H VpULHV GH )RXULHU õ6Hoï ëïåôï 3RU VLPSOLFLGDGHñ FRQVLGHUDPRV RQGDV HVFDODUHV HP XPD ~QLFD GLPHQVmRï $ DPSOLWXGH HVFDODU X�[ñ W SRGH VHU LPDJLQDGD FRPR XPD GDV FRPSRQHQWHV GR FDPSR HOHWURPDJQpWLFRï $ VROXomR EiVLFD GD HTXDomR GH RQGD õæïëô IRL PRVWUDGD HP õæïçôï $ UHODomR HQWUH IUHTXrQFLD H Q~PHUR GH RQGD N p GDGD SRU õæïèô SDUD R FDPSR HOHWURPDJQpWLFRï 7DQWR F FRPR N SRGHP VHU FRQVLGHUDGRV FRPR YDULiYHLV LQGHSHQGHQWHVñ TXDQGR FRQVLGHUDPRV D VXSHUSRVLomR OLQHDUï ,QLFLDOPHQWHñ MXOJDPRVVHU PDLV FRQYHQLHQWH XVDU N FRPR YDULiYHO LQGHSHQGHQWHï 3DUD &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï åä SHUPLWLU D SRVVLELOLGDGH GH GLVSHUVmRñ FRQVLGHUHPRV F FRPR XPD IXQomR JHUDO GH Nã F ã F�N ýýýýõæïæäô &RPR DV SURSULHGDGHV GLVSHUVLYDV QmR SRGHP GHSHQGHU GH D RQGD VH SURSDJDU SDUD D GLUHLWD RX SDUD D HVTXHUGDñ F GHYH VHU XPD IXQomR SDU GH Nñ F�"N ã F�N ï 3DUD D PDLRULD GRV FRPSULPHQWRV GH RQGDñ F p XPD IXQomR YDULDQGR VXDYHPHQWH FRP Nï 0DVñ FRPR YLPRV QD 6Hoï æïèñ SDUD FHUWDV IUHTXrQFLDVñ H[LVWH D GLVSHUVmR DQ{PDODñ RQGH F YDULD UDSLGDPHQWH VREUH XP SHTXHQR LQWHUYDOR GH FRPSULPHQWR GH RQGDï &RP D IRUPD JHUDO õæïææäôñ QRVVD GLVFXVVmR VH DSOLFD LJXDOPHQWH EHP jV RQGDV HOHWURPDJQpWLFDVñ RQGDV GH VRPñ RQGDV GH PDWpULD GH GH %URJOLH HWFï 3RU RUDñ DGPLWLPRV TXH N H F�N VHMDP UHDLV Hñ DVVLPñ H[FOXtPRV HIHLWRV GLVVLSDWLYRVï 6HP (IHLWRV 'LVVLSDWLYRVï 'DV VROXo}HV EiVLFDV (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ äí õæïçôñ SRGHPRV FRQVWUXLU XPD VROXomR JHUDOo GD IRUPDã X�[ñ W ã ì ë= ; ". ò. $�N HLN["LF�N W GN ýýýýõæïåíô $ DPSOLWXGH $�N GHVFUHYH DV SURSULHGDGHV GD VXSHUSRVLomR OLQHDU GDV GLIHUHQWHV RQGDVï (OD p GDGD SHOD WUDVIRUPDGD GD DPSOLWXGH HVSDFLDO X�[ñ W FDOFXODGD HP W ã íã $�N ã ì ë= ; ". ò. X�[ñ í H"LN[ G[ ýýýýõæïåìô 6H X�[ñ í UHSUHVHQWD XPD RQGD KDUP{QLFD HLNí[ SDUD WRGR [ñ D UHODomR GH RUWRJRQDOLGDGH õëïéçô PRVWUD TXH $�N ã ë= -�N " Ní ñ FRUUHVSRQGHQGR D XPD RQGD PRQRFURPiWLFD YLDMDQWH X�[ñ W ã HLNí["LF�Ní W FRPR H[LJLGRï 6Hñ SRUpPñ HP W ã íñ X�[ñ í UHSUHVHQWDU XP WUHP GH RQGD ILQLWR FRP XP FRPSULPHQWR GD RUGHP GH [ñ FRPR PRVWUDGR QD ILJXUD DEDL[Rñ HQWmR D DPSOLWXGH $�N QmR p XPD IXQomR GHOWDï &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï äì [ Xõ[ñWô '[ N $õNô 'N Ní e XPD IXQomR SRQWLDJXGD FRP XPD ODUJXUD GD RUGHP GH Nñ FHQWUDGD QR YHWRU GH RQGD Níñ TXH p R YHWRU GH RQGD GRPLQDQWH QD RQGD PRGXODGD X�[ñ í ï 6H [ H N IRUHP GHILQLGRV FRPR R GHVYLR UPV GRV YDOURUHV PpGLVR GH [ H N õGHILQLGRV HP WHUPRV GD LQWHQVLGDGHV _X�[ñ í _ë H _$�N _ëô p SRVVtYHO WLUDU XPD FRQFOXVmR JHUDOã [ N u ì ë ýýýýõæïåëô (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ äë 2 OHLWRU SRGH YHULILFDU SURQWDPHQWH TXHñ SDUD SXOVRV RX SDFRWHV GH RQGD TXH QmR WHQKDP XP FRUWH WmR YLROHQWRñ [ N HVWi SUy[LPR GR OLPLWH LQIHULRU GH õæïåëôï ,VWR VLJQLILFD TXH WUHQV GH RQGD FXUWRVñ FRP SRXFRV FRPSULPHQWRV GH RQGD SUHVHQWHVñ WHP XPD ODUJD GLVWULEXLomR GH Q~PHUR GH RQGDV GH RQGDV PRQRFURPiWLFDV Hñ LQYHUVDPHQWHñ WUHQV GH RQGD ORQJRV VmR TXDVH PRQRFURPiWLFRVï $ SUy[LPD TXHVWmR p R FRPSRUWDPHQWR GH XP SXOVR RX WUHP GH RQGD ILQLWRï 2 SXOVR PRVWUDGR QD ILJXUD DQWHULRUñ FRPHoD D VH PRYHU FRP R WHPSR HP W ã íï $V GLIHUHQWHV FRPSRQHQWHV GH IUHTXrQFLD RX FRPSULPHQWR GH RQGD PRYHPðVH FRP GLIHUHQWHV YHORFLGDGHV GH IDVHï &RQVHTXHQWHPHQWHñ H[LVWH XPD WHQGrQFLD SDUD D SHUGD GD FRHUrQFLD RULJLQDO H SDUD R SXOVR WRUQDUðVH GLVWRUFLGR HP IRUPDï 3HOR PHQRVñ SRGHPRV HVSHUDU TXH HOH VH SURSDJXH FRP XPD YHORFLGDGH GLIHUHQWH GHñ GLJDPRVñ D YHORFLGDGH GH IDVH PpGLD GH VXDV RQGDV FRPSRQHQWHVï 2 &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï äê FDVR JHUDO GH XP PHLR DOWDPHQWH GLVSHUVLYR RX GH XP SXOVR PXLWR HVWUHLWR FRP XPD JUDQGH IDL[D GH Q~PHUR GH RQGDV SUHVHQWHV p GLItFLO GH WUDWDUï 0DV D SURSDJDomR GH XP SXOVR TXH QmR VHMD PXLWR ODUJR QR VHX HVSHFWUR GH Q~PHUR GH RQGDñ RX XP SXOVR QXP PHLR SDUD R TXDO D IUTXrQFLD GHSHQGD IUDFDPHQWH GR Q~PHUR GH RQGD SRGH VHU WUDWDGR GD VHJXLQWH PDQHLUD DSUR[LPDGDï $ RQGD QXP WHPSR W p GDGD SRU õæïåíôñ LVWR pñ X�[ñ W ã ì ë= ; ". ò. $�N HLN["LF�N W GN ýýýýõæïåíô 6H D GLVWULEXLomR $�N p EDVWDQWH FRQFHQWUDGD HP WRUQR GH DOJXP YDORU Níñ HQWmR D IUHTXrQFLD F�N SRGH VHU H[SDQGLGD HP WRUQR GDTXHOH YDORU Nã F�N ã Fí ò GFGN í �N " Ní òC ýýýýõæïåêô H D LQWHJUDO SRGH VHU IHLWDï HQWmRñ (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ äé X�[ñ W ã ì ë= ; ". ò. $�N HLN["LF�N W GN S ì ë= ; ". ò. $�N HLN[ H "L Fíò GF GN í �N"Ní òC W GN ã ì ë= H L Ní GF GN í "FíòC W ; ". ò. $�N H LN [" GF GN í W GN ýýýýõæïåéô 'H õæïåìô H VXD LQYHUVD p DSDUHQWH TXH D LQWHJUDO õæïåéô VHMD MXVWDPHQWH X�[�ñ í ñ RQGH [� ã [ " �GFîGW í Wï 'H IDWRñ VXEVWLWXLQGR DTXHOD HTXDomR HP õæïåéôñ REWpPã X�[ñ W S H L Ní GF GN í "Fí W ; ". ò. X�\ñ í G\ - \" [" GF GN í W ì ë= ;". ò. GNH"LN\ H LN [" GF GN í W RX VHMDñ X�[ñ W S X [ " GFGN íWñ í H L Ní GF GN í "FíòC W ýýýýõæïåèô ,VWR PRVWUD TXHñ D PHQRV GH XP IDWRU GH IDVH JHUDOñ R SXOVR YLDMD VHP GLVWRUomR FRP XPD YHORFLGDGH FKDPDGD &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï äè GH YHORFLGDGH GH JUXSR YJ ã GFGW í ýýýýõæïåçô 6H D GHQVLGDGH GH HQHUJLD HVWi DVVRFLDGD FRP D PDJQLWXGH GD RQGD õRX VHX PyGXOR TXDGUDGRô p TXH QHVWD DSUR[LPDomR R WUDQVSRUWH GH HQHUJLD RFRUUH FRP D YHORFLGDGH GH JUXSRñ XPD YH] TXH p D WD[D QD TXDO R SXOVR VH GHVORFDï 3DUD RQGDV GH OX]ñ D UHODomR HQWUH F H N p GDGD SRU F�N ã FN Q�N ýýýýõæïåæô RQGH F p D YHORFLGDGH GD OX] QR YiFXRñ H Q�N p R tQGLFH GH UHIUDomR H[SUHVVR FRPR IXQomR GH Nï $ YHORFLGDGH GH IDVH pã YI ã F�N N ã F Q�N ýýýýõæïååô H p PDLRU RX PHQRU TXH Fñ GHSHQGHQGR VH Q�N IRU PHQRU RX PDLRU TXH ìï 3DUD D PDLRULD GRV FRPSULPHQWRV GH (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ äç RQGD ySWLFRVñ Q�N p PDLRU TXH ì HP TXDVH WRGDV DV VXEVWkQFLDVï $ YHORFLGDGH GH JUXSR õæïåçôñ YJ ã GFGN ñ p Q�N F�N ã FN ® Q GF GN ò F GQ GN ã F ® Q GF GN ò F GQ GF GF GN ã F ® Q ò F GQ GF GF GN ã F RX YJ ã GFGN ã F Q ò F GQ GF ýýýýõæïåäô 'LVSHUVmR 1RUPDOï 3DUD GLVSHUVmR QRUPDOñ GQ GF â í H WDPEpP Q â ì ® YJ ä F H YJ ä YI ã FQ ï (QWmRñ D YHORFLGDGH GR IOX[R GH HQHUJLD p PHQRU GR TXH D YHORFLGDGH GH IDVH H WDPEpP GR TXH Fï 'LVSHUVmR $Q{PDODï 1D UHJLmR GH GLVSHUVmR DQ{PDODñ GQ GF SRGH WRUQDUðVH PDLRU H QHJDWLYDñ FRPR SRGH VHU YLVWR QD ILJXUD æïåï (QWmRñ D YHORFLGDGH GH JUXSR GLIHUH &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï äæ PXLWR GD YHORFLGDGH GH IDVHñ jV YH]HV WRUQDQGRðVH PDLRU TXH Fï 2EVïã 1mR H[LVWH QHQKXP PRWLYR SDUD DODUPH GH TXH QRVVDV LGpLDV GD WHRULD GD UHODWLYLGDGH HVSHFLDO VHMDP YLRODGDVâ D YHORFLGDGH GH JUXSR QmR p XP FRQFHLWR ~WLO DTXLï 2 HQRUPH YDORU GH GQîGF p HTXLYDOHQWH j UiSLGD YDULDomR GH Q FRP Nï &RQVHTXHQWHPHQWHñ D DSUR[LPDomR õæïåêô QmR YDOHï 2 FRPSRUWDPHQWR GR SXOVR p PXLWR PDLV FRPSOLFDGRï 2 FRPSRUWDPHQWR GDV YHORFLGDGHV GH JUXSR H GH IDVHñ FRPR XPD IXQomR GD IUHTXrQFLDñ QDV SUR[LPLGDGHV GH XPD UHJLmR GH GLVSHUVmR DQ{PDOD p PRVWUDGR QD ILJXUD DEDL[Rï (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ äå ì Qõ Z ô Z Z Yî F ì YJ YI æïä ,OXVWUDomR GR $ODUJDPHQWR GH XP 3XOVR (QTXDQWR VH 3URSDJD QXP 0HLR 'LVSHUVLYR 3DUD LOXVWUDU D LGpLD GD VHomR DQWHULRUñ H SDUD PRVWUDU D YDOLGDGH GR FRQFHLWR GH YHORFLGDGH GH JUXSRñ FRQVLGHUDUHPRV DJRUD XP PRGHOR HVSHFtILFR SDUD D GHSHQGrQFLD GR Q~PHUR GH RQGD FRP D IUHTXrQFLD H FDOFXODUHPRV VHP DSUR[LPDomR D SURSDJDomR GH XP SXOVR QHVWH PRGHORï $QWHV GH HVSHFLILFDU R PRGHOR &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï ää SDUWLFXODUñ p QHFHVViULR HVWDEHOHFHU R SUREOHPD GH YDORUHV LQLFLDLV FRP PDLV GHWDOKHV GR TXH IRL IHLWR HP õæïåíô H õæïåìôï &RPR IRL REVHUYDGRñ DV HVSHFLILFDo}HV DGHTXDGDV GH XP SUREOHPD GH YDORU LQLFLDO SDUD D HTXDomR GH RQGD UHTXHU RV YDORUHV LQLFLDLV SDUD DPERVñ D IXQomR X�[ñ í H D GHULYDGD WHPSRUDO îX�[ñ í îîWï 7RPDQGR D SDUWH UHDO GH õæïåíô SDUD REWHU X�[ñ W ñ LVWR p X�[ñ W ã ì ë ì ë= ; $�N HLN["LF�N WGN ò FïFï ýýýýõæïäíô HQWmR p IiFLO PRVWUDU TXH $�N p GDGR HP WHUPRV GRV YDORUHV LQLFLDLV SRUã $�N ã ì ë= ; ". ò. H"LN[ X�[ñ í ò LF�N îX�[ñ í îW G[ ýýýýõæïäìô è 'HPRQVWUDomR GH õæïäìôï 'H õæïäíôñ WHPRV (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ ìíí X�[ñ W ã ì ë ì ë= ; ". ò. $�N HLN["LF�N WGN ò ; ". ò. $'�N H"LN[òLF�N WGN ã ì ë ì ë= ; ". ò. $�N HLN["LF�N W ò $'�N H"LN[òLF�N WGN GN 0XOWLSOLFR DPERV RV ODGRV SRU H"LN�[ H LQWHJUR HP [ñ SDUD W ã íã ; ". ò. X�[ñ í H"LN�[G[ ã ìë ì ë= ; ". ò. H"LN�[G[ ; ". ò. $�N HLN[ ò $'�N H"LN ã ì ë ì ë= ; ". ò. $�N ; ". ò. HL�N"N� [G[ GN ò ; ". ò. $'�N ; ". ò. H"L�NòN� [G[ GN ã ì ë ì ë= ; ". ò. $�N ë= -�N " N� GN ò ; ". ò. $'�N GN ë= -�N ò N� GN ã ì ë $�N� ò $'�"N� $VVLP &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï ìíì ; ". ò. X�[ñ í H"LN�[G[ ã ì ë $�N� ò $'�"N� 'D PHVPD IRUPDã îX�[ñ í îW ã ì ë ì ë= ; ". ò. $�N ¡"LF�N ¢HLN[GN ò ì ë ì ë= ; ". ò. $'�N ¡LF�N ¢H"LN[GN 8VDQGR D RUWRJRQDOLGDGH ; ". ò. îX�[ñ í îW H "LN�[G[ ã ì ë ì ë= ; ". ò. GN$�N ¡"LF�N ¢ ; ". ò. HL�N"N� [G[ ò ì ë ì ë= ; ". ò. GN$'�N ¡LF�N ¢ ; ". ò. H"L�NòN� [ ã ì ë " LF�N $�N� ò LF�"N $'�"N� &RPR F p XPD IXQomR SDU GH Nñ LVWR pñ F�"N ã F�N ñ ; ". ò. îX�[ñ í îW H "LN�[G[ ã LF�N ì ë " $�N ò $'�"N $VVLPñ HQFRQWUDPRV GXDV HTXDo}HVã (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ ìíë $�N ò $'�"N ã ë ; ". ò. X�[ñ í H"LN[G[ $�N " $'�"N ã ëLF�N ; ". ò. îX�[ñí îW H "LN[G[ 5HVROYHQGR SDUD $�N ñ HQFRQWUDðVH $�N ã ; ". ò. H"LN[ X�[ñ í ò LF�N îX�[ñ í îW G[ ýýýýõæïäìô TXH p D HTXDomR SURFXUDGDïQ 7RPDUHPRV D RVFLODomR *DXVVLDQD PRGXODGD X�[ñ í ã H"[ ëîë/ë FRVNí[ ýýýýõæïäëô FRPR IRUPD LQLFLDO GR SXOVRï &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï ìíê 3RU VLPSOLFLGDGHñ DGPLWLUHPRV TXH îX�[ñ í îW ã í ýýýýõæïäêô ,VWR VLJQLILFD TXHñ SDUD WHPSRV LPHGLDWDPHQWH DQWHV GH W ã í D RQGD FRQVLVWLD HP GRLV SXOVRVñ DPERV PRYHQGRðVH HP GLUHomR j RULJHPñ WDO TXH HP W ã í HOHV VH MXQWDUDP QD IRUPD GDGD SRU õæïäëôï (YLGHQWHPHQWHñ SDUD WHPSRV SRVWHULRUHV HVSHUDPRV TXH FDGD SXOVR UHVVXUMD GR RXWUR ODGR GD RULJHPï &RQVHTXHQWHPHQWHñ D GLVWULEXLomR LQLFLDO õæïäëô SRGH VHU HVSHUDGR GLYLGLUðVH HP GRLV SDFRWHV LGrQWLFRVñ XP PRYHQGRðVH SDUD D HVTXHUGD H R RXWURñ SDUD D GLUHLWDï $ DPSOLWXGH GH )RXULHU $�N SDUD FDGD SXOVR GHVFULWR SRU õæïäëô H õæïäêô pã $�N ã ì ë= ; ". ò. H"LN[ X�[ñ í ò LF�N îX�[ñ í îW G[ ã ì ë= ; ". ò. H"LN[H"[ ëîë/ë FRVNí[ G[ (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ ìíé (VFUHYR FRVNí/ ã ìë �H LNí[ ò H"LNí[ H HQWmR H"LN[H"[ ëîë/ FRVNí[ ã ìë H "L�N"Ní [H"[ ëîë/ë ò H"L�NòNí [H"[ëîë/ë 0DVñ H"L�N"Ní [H"[ ëîë/ë ã H"¡[òL/ë�N"Ní ¢ ëîë/ë H"¡/ ë�N"Ní ¢ëîë/ë H"L�NòNí [H"[ ëîë/ ã H"¡[òL/ë�NòNí ¢ ëîë/ë H"¡/ ë�NòNí ¢ ëîë/ë $�N ã ì ë= ; ". ò. H"LN[H"[ ëîë/ë FRVNí[ G[ ã ì ë ì ë= ; ". ò. H"[ ëîë/ë H"L�N"Ní [ ò H"L�NòNí [ ã ì ë ë= H"¡/�N"Ní ¢ ëîë/ë ; ". ò. H"¡[òL/ ë�N"Ní ¢ëîë/ëG[ ò H"¡/ë�NòNí ¢ ëîë/ë ; ". ò. H"¡[òL/ ë�NòNí ¢ ëîë/ëG[ ã ì ë ë= H"¡/ ë�N"Ní ¢ëîë/ë ë= / ò ò H"¡/ë�NòNí ¢ ëîë/ë ë= / RX VHMDñ &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï ìíè $�N ã ì ë= ; ". ò. H"LN[H"[ ëîë/ë FRVNí[ G[ ã ì ë H"�/ ëîë �N"Ní ë ò H"�/ëîë �NòNí ë ýýýýõæïäéô $ VLPHWULD $�"N ã $�N p XP UHIOH[R GD SUHVHQoD GH GRLV SXOVRV VH DIDVWDQGR GD RULJHPñ FRPR YHUHPRV DEDL[Rï 3DUD FDOFXODUPRV D IRUPD GD RQGD HP WHPSRV SRVWHULRUHVñ GHYHPRV HVSHFLILFDU F ã F�N ï &RPR XP PRGHOR TXH SHUPLWH FiOFXOR H[DWR H TXH PRVWUD RV HIHLWRV GLVSHUVLYRV HVVHQFLDLVñ VXSRPRV F�N ã 7 ì ò D ëNë ë ýýýýõæïäèô RQGH 7 p XPD IUHTXrQFLD FRQVWDQWH H D p XP FRPSULPHQWR FRQVWDQWHñ TXH p XP FRPSULPHQWR GH RQGD WtSLFR RQGH RV HIHLWRV GLVSHUVLYRV WRUQDPðVH LPSRUWDQWHVï $ HTXDomR õæïäèô p XPD DSUR[LPDomR GD HTXDomR GH GLVSHUVmR SDUD XP SODVPD WrQXHñ õæïèäô RX õæïçìôï &RPR R SXOVR õæïäëô p XPD RQGD PRGXODGD GH Q~PHUR GH RQGD N ã Níñ RV (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ ìíç DUJXPHQWRV DSUR[LPDGRV GD VHomR DQWHULRU LPSOLFDP TXH RV GRLV SXOVRV YLDMDUmR FRP YHORFLGDGH GH JUXSR YJ ã GFGN � Ní ã 7DëNí ýýýýõæïäçô H VHUmR HVVHQFLDOPHQWH LQDOWHUDGR QD IRUPDñ GHVGH TXH R SXOVR QmR VHMD HVSDFLDOPHQWH WmR HVWUHLWRï 2 FRPSRUWDPHQWR H[DWR GD RQGD FRPR IXQomR GR WHPSR p GDGR SRU õæïäíôñ FRP õæïäéô SDUD $�N ã X�[ñ W ã ì ë= 5H ; $�N HLN["LF�N WGN ã ì ë ì ë= � 5H ; H"�/ëîë �N"Ní ë ò H"�/ëîë �NòNí ë HLN["L7W�ìòDëNëîë W GN õæïäæ (VWD LQWHJUDO SRGH VHU IHLWDñ FRPSOHWDQGRðVH DSURSULDGDPHQWH RV TXDGUDGRV QRV H[SRHQWHVï 2 UHVXOWDGR p &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï ìíæ X�[ñ W ã ì ë 5H H[S " � [ " 7DëNíW ë ë/ë ì ò LD ë7W /ë ì ò LD ë7W /ë � � H[S LNí[ " L7 ì ò D ëNí ë W ò �Ní v "Ní ýýýýõæïäåô $ HTXDomR õæïäåô UHSUHVHQWD GRLV SXOVRV YLDMDQGR HP GLUHo}HV RSRVWDVï 2 SLFR GD DPSOLWXGR GH FDGD SXOVR VH GHVORFD FRP YHORFLGDGH GH JUXSR õæïäçôñ HQTXDQGR TXH R HQYHORSH GD PRGXODomR PDQWpP D IRUPD JDXVVLDQDï 3RUpPñ D ODUJXUD GD *DXVVLDQD QmR p FRQVWDQWHñ PDV DXPHQWD FRP R WHPSRï $ ODUJXUD GR HQYHORSH p /�W ã /ë ò D ë7W / ë ìîë ýýýýõæïääô (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ ìíå (QWmR RV HIHLWRV GLVSHUVLYRV VREUH XP SXOVR VmR PDLRUHV õSDUD XP GDGR LQWHUYDOR GH WHPSRôñ TXDQWR PDLV HVWUHLWR IRU R HQYHORSHï 2 FULWpULR SDUD XPD SHTXHQD PXGDQoD QD IRUPD p TXH / ââ Dï (YLGHQWHPHQWHñ SDUD WHPSRV ORQJRVñ D ODUJXUD GD *DXVVLDQD DXPHQWD OLQHDUPHQWH FRP R WHPSRñ LVWR pñ /�W v D ë7W / ýýýýõæïìííô PDV R WHPSR SDUD DWLQJLU HVWD IRUPD DVVLQWyWLFD GHSHQGH GD UD]mR �/îD ï 8PD PHGLGD GH TXmR UDSLGDPHQWH R SXOVR VH DODUJD p IRUQHFLGR SHOD FRPSDUDomR GH /�W GDGR SRU õæïääô FRP YJW ã 7DëNíWï $ ILJXUD DEDL[Rñ PRVWUD GRLV H[HPSORV GH FXUYDV GD SRVLomR GR SLFR GH DPSOLWXGH �YJW H D SRVLo}HV YJW o /�W TXH LQGLFD R DODUJDPHQWR GR SXOVR HP IXQomR GR WHPSRï &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï ìíä ð/ / YJ W [ Ní/!!ì ð/ / YJ W [ Ní/ ìýáa 2 SXOVR GR ODGR HVTXHUGR QmR p WmR HVWUHLWR FRPSDUDGR DR LQYHUVR GR FRPSULPHQWR GH RQGD Ní "ì H DVVLP HOH QmR VH DODUJD PXLWR UDSLGDPHQWHï 3RUpPñ R SXOVR GD GLUHLWDñ p LQLFLDOPHQWH WmR ILQR TXH UDSLGDPHQWH VH DODUJD H GLILFLOPHQWH UHSUHVHQWD XP SXOVR DSyV XP FXUWR WHPSRï (PERUD RV UHVXOWDGRV DFLPD WHQKD VLGR GHULYDGR SDUD XPD HVFROKD HVSHFLDO õæïäëô GD IRUPD LQLFLDO GR SXOVRñ H D UHODomR GH GLVSHUVmR õæïäèôñ VXDV LPSOLFDo}HV VmR GH QDWXUH]D PXLWR JHUDLVï 9LPRV QD 6Hoï æïå TXH D YHORFLGDGH PpGLD GH XP SXOVR p D YHORFLGDGH GH JUXSR YJ ã GFîGN ã F�ï 2 DODUJDPHQWR GR SXOVR SRGH VHU (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ ììí HVWLPDGRñ REVHUYDQGRðVH TXH XP SXOVR FRP XPD ODUJXUD HVSDFLDO [í GHYH WHUñ LQHUHQWH D HOHñ XPD IDL[D GH Q~PHURV GH RQGD N L �ìî [í ï ,VWR VLJQILFD TXH D YHORFLGDGH GH JUXSRñ TXDQGR FDOFXODGD SDUD YiULRV YDORUHV GH N GHQWUR GR SXOVRñ WHP XPD ODUJXUD GD RUGHP YJ L F�� N L F�� [í ýýýýõæïìíìô 1R WHPSR W LVWR LPSOLFD XPD ODUJXUD QD SRVLomR GD RUGHP GH YJWï 6H FRPELQDUPRV DV LQFHUWH]DV QD SRVLomRñ WRPDQGR D UDL] TXDGUDGD GD VRPD GRV TXDGUDGRVñ HQFRQWUDPRV D ODUJXUD [�W QR WHPSR Wã [�W S � [í ë ò F��W [í ë ýýýýõæïìíëô 2EVHUYDPRV TXH õæïìíëô FRQFRUGD H[DWDPHQWH FRP õæïääô VH FRORFDUPRV [í ã /ï $ H[SUHVVmR õæïìíëô SDUD [�W PRVWUD R UHVXOWDGR JHUDO TXHñ VH F�� p íñ XP SXOVR HVWUHLWR VH DODUJD UDSLGDPHQWH GHYLGR D VHX ODUJR &DStWXOR æã 2QGDV (OHWURPDJQpWLFDV 3ODQDV H ïïï ììì HVSHFWUR GH Q~PHURV GH RQGDñ H YLFHðYHUVDï 7RGDV HVWDV LGpLDV OHYDP LPHGLDWDPHQWH j PHFkQLFD RQGXODWyULDï (ODV IRUPDP D EDVH GR SULQFtSLR GH LQFHUWH]D GH +HLVHQEHUJï 1D PHFkQLFD RQGXODWyULDñ D IUHTXrQFLD p LGHQWLILFDGD FRP D HQHUJLD GLYLGLGD SHOD FRQVWDQWH GH 3ODQFNï 2 SUREOHPD GH SDFRWHV GH RQGD QXP PHLR GLVVLSDWLYRñ DVVLP FRPR QXP PHLR GLVSHUVLYRñ p FRPSOLFDGRï &HUWRV DVSHFWRV SRGHP VHU GLVFXWLYRV DQDOLWLFDPHQWHñ PDV DV H[SUHVV}HV DQDOtWLFDV QmR VmR IDFLOPHQWH LQWHUSUHWDGDV ILVLFDPHQWHï 2V SDFRWHV GH RQGD VmR DSUHFLDYHOPHQWH DWHQXDGRV H GLVWRUFLGRV HQTXDQWR VH SURSDJDPï 2 OHLWRU SRGH FRQVXOWDU 6WUDWWRQ SSï êíìðêíä SDUD XPD GLVFXVVmR GR SUREOHPDñ LQFOXLQGR H[HPSORV QXPpULFRVï (OHWURGLQkPLFD &OiVVLFD $ î 3URIï 'Uï $EUDKDP 0R\VpV &RKHQ ììë
Compartilhar